Kearny Financial (NASDAQ:KRNY) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Kearny Financial (NASDAQ:KRNY) released its earnings results on Thursday. The savings and loans company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01), FiscalAI reports. The firm had revenue of $45.28 million during the quarter, compared to analyst estimates of $46.97 million. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%.

Kearny Financial Price Performance

KRNY stock traded up $0.07 on Thursday, reaching $9.12. 73,648 shares of the company’s stock were exchanged, compared to its average volume of 460,029. The stock has a fifty day moving average of $9.52 and a 200-day moving average of $8.97. Kearny Financial has a twelve month low of $6.22 and a twelve month high of $10.23. The firm has a market cap of $592.48 million, a PE ratio of 16.01 and a beta of 0.65. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.50.

Insider Buying and Selling at Kearny Financial

In related news, Director Curtland E. Fields bought 14,700 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were bought at an average cost of $9.41 per share, for a total transaction of $138,327.00. Following the transaction, the director 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Leopold Montanaro purchased 4,773 shares of the stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $9.46 per share, for a total transaction of $45,152.58. Following the completion of the purchase, the director owned 270,000 shares in the company, valued at approximately $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 21,033 shares of company stock valued at $198,502 in the last quarter. 7.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

KRNY has been the topic of a number of recent analyst reports. Raymond James Financial initiated coverage on shares of Kearny Financial in a research note on Wednesday, August 26th. They set an “outperform” rating and a $11.00 price target on the stock. Piper Sandler raised their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, August 24th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.75.

About Kearny Financial

Kearny Financial Corp. is the holding company for Kearny Bank, a community-focused financial institution headquartered in Fairfield, New Jersey. The bank provides a range of banking and financial services to individuals, families, businesses and nonprofit organizations.

Kearny Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, commercial real estate financing, business loans, construction loans and consumer lending.