Kearny Financial (NASDAQ:KRNY) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Kearny Financial (NASDAQ:KRNY) issued its quarterly earnings results on Thursday. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.02), FiscalAI reports. The firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%.

Kearny Financial Trading Down 4.5%

Shares of NASDAQ:KRNY traded down $0.42 during midday trading on Thursday, hitting $9.05. The company had a trading volume of 297,734 shares, compared to its average volume of 413,290. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. Kearny Financial has a 12 month low of $5.76 and a 12 month high of $9.76. The firm has a fifty day simple moving average of $8.76 and a 200 day simple moving average of $8.14. The stock has a market cap of $586.22 million, a price-to-earnings ratio of 15.83 and a beta of 0.64.

Wall Street Analyst Weigh In

KRNY has been the subject of several recent research reports. Weiss Ratings cut Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Zacks Research raised shares of Kearny Financial to a “hold” rating in a research note on Monday, April 27th. Finally, Piper Sandler lifted their price target on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $10.50.

Insider Transactions at Kearny Financial

In related news, Director Melvina Wong-Zaza acquired 3,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average price of $8.57 per share, for a total transaction of $29,995.00. Following the completion of the acquisition, the director owned 33,910 shares of the company’s stock, valued at $290,608.70. This trade represents a 11.51% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Curtland E. Fields bought 3,600 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was bought at an average cost of $8.41 per share, for a total transaction of $30,276.00. Following the purchase, the director directly owned 43,200 shares of the company’s stock, valued at approximately $363,312. This trade represents a 9.09% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 24,800 shares of company stock valued at $211,196 in the last quarter. 7.44% of the stock is currently owned by corporate insiders.

Institutional Trading of Kearny Financial

A number of hedge funds have recently modified their holdings of KRNY. Osaic Holdings Inc. grew its holdings in Kearny Financial by 11,688.6% during the second quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock valued at $27,000 after purchasing an additional 4,091 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of Kearny Financial by 35.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock worth $45,000 after purchasing an additional 1,605 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Kearny Financial by 59.4% during the fourth quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock worth $64,000 after purchasing an additional 3,200 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Kearny Financial in the 3rd quarter valued at $76,000. Finally, nVerses Capital LLC acquired a new position in shares of Kearny Financial in the 4th quarter valued at $76,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Kearny Financial

Kearny Financial, Inc was the bank holding company for Kearny Bank, a New Jersey–based community bank offering a full suite of commercial and consumer banking services. Through its subsidiary, the company provided deposit products, lending facilities and electronic banking solutions to individuals, small businesses and middle-market corporations.

The company’s core products included checking and savings accounts, certificates of deposit, residential and commercial real estate loans, construction financing, equipment financing, home equity lines of credit and consumer installment loans.