Pinnacle Holdings LLC Acquires New Position in Kearny Financial $KRNY

Pinnacle Holdings LLC bought a new position in shares of Kearny Financial (NASDAQ:KRNY) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 95,575 shares of the savings and loans company’s stock, valued at approximately $904,000. Pinnacle Holdings LLC owned about 0.15% of Kearny Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of KRNY. EverSource Wealth Advisors LLC lifted its stake in shares of Kearny Financial by 103.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock worth $26,000 after purchasing an additional 1,753 shares during the period. Allworth Financial LP acquired a new position in Kearny Financial in the second quarter valued at $27,000. Osaic Holdings Inc. increased its stake in Kearny Financial by 11,688.6% in 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 last quarter. CANADA LIFE ASSURANCE Co lifted its position in 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 buying an additional 1,605 shares during the period. Finally, Parallel Advisors LLC boosted its stake in Kearny Financial by 119.5% in the 1st quarter. Parallel Advisors LLC now owns 7,248 shares of the savings and loans company’s stock worth $55,000 after buying an additional 3,946 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Kearny Financial Stock Performance

Shares of KRNY opened at $9.73 on Monday. Kearny Financial has a twelve month low of $6.08 and a twelve month high of $9.97. The firm has a market capitalization of $629.92 million, a P/E ratio of 17.07 and a beta of 0.64. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39. The stock’s fifty day simple moving average is $9.35 and its 200 day simple moving average is $8.42.

Kearny Financial (NASDAQ:KRNY) last posted its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). The firm had revenue of $45.69 million for the quarter, compared to analysts’ expectations of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.92%. On average, equities research analysts forecast that Kearny Financial will post 0.8 earnings per share for the current year.

Kearny Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 12th. Kearny Financial’s dividend payout ratio is 77.19%.

Insider Activity at Kearny Financial

In other Kearny Financial news, Director Melvina Wong-Zaza bought 3,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $8.57 per share, with a total value of $29,995.00. Following the purchase, the director owned 33,910 shares in the company, valued at approximately $290,608.70. The trade was a 11.51% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Curtland E. Fields bought 14,700 shares of Kearny Financial stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average price of $9.41 per share, for a total transaction of $138,327.00. Following the acquisition, the director directly owned 57,900 shares in the company, valued at approximately $544,839. This represents a 34.03% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 44,273 shares of company stock worth $394,676. Company insiders own 7.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on KRNY shares. Weiss Ratings cut Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Zacks Research upgraded shares of Kearny Financial to a “hold” rating in a report on Monday, April 27th. Finally, Piper Sandler raised their target price 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 research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.50.

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.