Kearny Financial (NASDAQ:KRNY) Hits New 12-Month High – Here’s Why

Kearny Financial (NASDAQ:KRNY) shares reached a new 52-week high during trading on Thursday . The company traded as high as $9.89 and last traded at $9.5410, with a volume of 1185 shares traded. The stock had previously closed at $9.47.

Analyst Ratings Changes

Several analysts have commented on the stock. Piper Sandler upped their target price 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. Weiss Ratings cut Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, Zacks Research upgraded Kearny Financial to a “hold” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.50.

Kearny Financial Stock Up 1.1%

The firm has a market cap of $619.89 million, a P/E ratio of 16.80 and a beta of 0.64. The firm’s 50 day moving average is $8.61 and its two-hundred day moving average is $8.06. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.39.

Kearny Financial (NASDAQ:KRNY) last issued its earnings results on Thursday, April 23rd. The savings and loans company reported $0.15 EPS for the quarter, meeting the consensus estimate of $0.15. The firm had revenue of $44.31 million during the quarter, compared to the consensus estimate of $43.67 million. Kearny Financial had a net margin of 10.39% and a return on equity of 4.61%. As a group, research analysts anticipate that Kearny Financial will post 0.61 EPS for the current fiscal year.

Kearny Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Wednesday, May 6th were given a $0.11 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.6%. Kearny Financial’s dividend payout ratio is currently 77.19%.

Insider Activity

In other Kearny Financial news, Director Melvina Wong-Zaza bought 3,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was purchased 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. The trade was a 11.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Curtland E. Fields purchased 4,950 shares of the stock in a transaction on Wednesday, June 17th. The stock was acquired at an average price of $8.34 per share, with a total value of $41,283.00. Following the completion of the acquisition, the director directly owned 39,600 shares of the company’s stock, valued at approximately $330,264. This represents a 14.29% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 24,800 shares of company stock worth $211,196. Corporate insiders own 7.44% of the company’s stock.

Institutional Trading of Kearny Financial

Large investors have recently bought and sold shares of the business. M&T Bank Corp bought a new position in shares of Kearny Financial during the fourth quarter worth about $1,145,000. Bailard Inc. bought a new stake in Kearny Financial in the 4th quarter valued at approximately $711,000. ProShare Advisors LLC acquired a new position in Kearny Financial during the 4th quarter worth approximately $78,000. Ballentine Partners LLC acquired a new position in Kearny Financial during the 4th quarter worth approximately $87,000. Finally, Merit Financial Group LLC bought a new position in shares of Kearny Financial during the 4th quarter worth approximately $88,000. 71.01% of the stock is owned by 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.