Kearny Financial (NASDAQ:KRNY) Hits New 12-Month High – Time to Buy?

Kearny Financial (NASDAQ:KRNY) reached a new 52-week high during trading on Wednesday . The company traded as high as $10.07 and last traded at $10.0650, with a volume of 403716 shares changing hands. The stock had previously closed at $9.77.

Analyst Upgrades and Downgrades

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

Kearny Financial Stock Performance

The firm has a market cap of $652.87 million, a price-to-earnings ratio of 17.64 and a beta of 0.63. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.50. The stock has a fifty day moving average price of $9.54 and a 200-day moving average price of $8.51.

Kearny Financial (NASDAQ:KRNY) last issued 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). Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%.The firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. On average, analysts expect that Kearny Financial will post 0.79 earnings per share for the current fiscal year.

Kearny Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Wednesday, August 12th. Kearny Financial’s dividend payout ratio (DPR) is currently 77.19%.

Insider Transactions at Kearny Financial

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

Institutional Investors Weigh In On Kearny Financial

A number of hedge funds and other institutional investors have recently modified their holdings of KRNY. Allworth Financial LP purchased a new stake in Kearny Financial in the 2nd quarter worth approximately $27,000. 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. Osaic Holdings Inc. lifted its stake in shares of Kearny Financial by 11,688.6% during the 2nd quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 4,091 shares during the period. Legal & General Group Plc purchased a new position in shares of Kearny Financial during the 2nd quarter worth $54,000. Finally, CANADA LIFE ASSURANCE Co boosted its holdings 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 during the last quarter. 71.01% of the stock is currently owned by hedge funds and other institutional investors.

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.