Kearny Financial (NASDAQ:KRNY) Reaches New 1-Year High – What’s Next?

Kearny Financial (NASDAQ:KRNY)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $8.50 and last traded at $8.2710, with a volume of 10706 shares. The stock had previously closed at $8.30.

Analysts Set New Price Targets

KRNY has been the topic of a number of research analyst reports. Zacks Research raised shares of Kearny Financial to a “hold” rating in a report on Monday, April 27th. Weiss Ratings cut Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Finally, Piper Sandler assumed coverage on Kearny Financial in a research note on Monday, April 27th. They set an “overweight” rating and a $9.50 price target on the stock. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.50.

Kearny Financial Trading Down 0.4%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.39. The company’s 50-day moving average is $7.83 and its 200 day moving average is $7.63. The company has a market cap of $535.08 million, a price-to-earnings ratio of 14.50 and a beta of 0.65.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings data on Thursday, April 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.15. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%. The business had revenue of $44.31 million during the quarter, compared to the consensus estimate of $43.67 million. Research analysts predict that Kearny Financial will post 0.61 EPS for the current year.

Kearny Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Wednesday, May 6th were issued a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.44 dividend on an annualized basis and a yield of 5.3%. Kearny Financial’s dividend payout ratio is presently 77.19%.

Insider Transactions at Kearny Financial

In other Kearny Financial news, EVP Timothy A. Swansson sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total value of $30,400.00. Following the sale, the executive vice president directly owned 55,833 shares of the company’s stock, valued at approximately $424,330.80. This trade represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 7.44% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in KRNY. CANADA LIFE ASSURANCE Co increased its holdings in 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 worth $45,000 after acquiring an additional 1,605 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Kearny Financial by 15.6% during the fourth quarter. Russell Investments Group Ltd. now owns 11,930 shares of the savings and loans company’s stock valued at $88,000 after purchasing an additional 1,610 shares in the last quarter. First Trust Advisors LP grew its position in shares of Kearny Financial by 4.1% in the second quarter. First Trust Advisors LP now owns 42,765 shares of the savings and loans company’s stock valued at $276,000 after purchasing an additional 1,668 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of 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 valued at $26,000 after purchasing an additional 1,753 shares during the period. Finally, Quantinno Capital Management LP increased its stake in shares of Kearny Financial by 4.1% during the second quarter. Quantinno Capital Management LP now owns 47,259 shares of the savings and loans company’s stock worth $305,000 after purchasing an additional 1,865 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

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.