Kearny Financial (NASDAQ:KRNY) Shares Gap Down – Time to Sell?

Kearny Financial (NASDAQ:KRNY) gapped down before the market opened on Monday . The stock had previously closed at $9.82, but opened at $9.50. Kearny Financial shares last traded at $9.7350, with a volume of 10,217 shares.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Raymond James Financial assumed coverage on Kearny Financial in a research report on Wednesday, August 26th. They issued an “outperform” rating and a $11.00 target price on the stock. Piper Sandler boosted their price target on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. Finally, Weiss Ratings raised Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Kearny Financial presently has an average rating of “Moderate Buy” and an average price target of $10.75.

Kearny Financial Stock Performance

The company’s 50-day moving average price is $9.54 and its two-hundred day moving average price is $8.51. The company has a market cap of $634.37 million, a P/E ratio of 17.14 and a beta of 0.63. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.50.

Kearny Financial (NASDAQ:KRNY) last released its quarterly earnings data on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.02). Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%.The company had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. As a group, equities analysts forecast that Kearny Financial will post 0.79 earnings per share for the current year.

Kearny Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 4.5%. The ex-dividend date was Wednesday, August 12th. Kearny Financial’s dividend payout ratio is currently 77.19%.

Insider Activity

In other news, Director Melvina Wong-Zaza bought 3,500 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were bought at an average cost of $8.57 per share, with a total value of $29,995.00. Following the transaction, the director directly owned 33,910 shares in the company, valued at approximately $290,608.70. This trade represents a 11.51% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leopold W. Montanaro purchased 4,773 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $9.46 per share, with a total value of $45,152.58. Following the completion of the purchase, the director directly owned 270,000 shares in the company, valued at approximately $2,554,200. This represents a 1.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 44,273 shares of company stock worth $394,676 in the last ninety days. Corporate insiders own 7.44% of the company’s stock.

Institutional Trading of Kearny Financial

A number of institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its position in Kearny Financial by 103.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,448 shares of the savings and loans company’s stock worth $26,000 after acquiring an additional 1,753 shares in the last quarter. Allworth Financial LP bought a new position in shares of Kearny Financial during the 2nd quarter valued at $27,000. Osaic Holdings Inc. lifted its stake in shares of Kearny Financial by 11,688.6% in the 2nd 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 stake in shares of Kearny Financial by 35.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock valued at $45,000 after purchasing an additional 1,605 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Kearny Financial in the second quarter worth $54,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Kearny Financial Company Profile

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.