Empowered Funds LLC Makes New Investment in Kearny Financial $KRNY

Empowered Funds LLC bought a new position in shares of Kearny Financial (NASDAQ:KRNY) in the second quarter, Holdings Channel reports. The firm bought 245,710 shares of the savings and loans company’s stock, valued at approximately $2,324,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Kearny Financial by 103.4% during 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 last quarter. Allworth Financial LP acquired a new stake in shares of Kearny Financial in the second quarter worth $27,000. Osaic Holdings Inc. boosted its holdings 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 buying an additional 4,091 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Kearny Financial by 35.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock worth $45,000 after buying an additional 1,605 shares during the period. Finally, Legal & General Group Plc acquired a new position in Kearny Financial in the 2nd quarter valued at $54,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Insider Activity at Kearny Financial

In other news, Director Curtland E. Fields bought 14,700 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of $9.41 per share, with a total value of $138,327.00. Following the completion of the transaction, the director directly owned 57,900 shares in the company, valued at $544,839. This represents a 34.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Melvina Wong-Zaza purchased 3,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $8.57 per share, for a total transaction of $29,995.00. Following the completion of the purchase, the director directly owned 33,910 shares of the company’s stock, valued at approximately $290,608.70. This trade represents a 11.51% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 44,273 shares of company stock worth $394,676. Company insiders own 7.44% of the company’s stock.

Wall Street Analyst Weigh In

KRNY has been the subject of a number of research analyst reports. 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. Raymond James Financial initiated coverage on Kearny Financial in a research note on Wednesday, August 26th. They issued an “outperform” rating and a $11.00 price objective on the stock. Finally, Piper Sandler boosted their price objective on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Kearny Financial currently has an average rating of “Moderate Buy” and a consensus target price of $10.75.

Kearny Financial Trading Up 2.8%

Shares of KRNY stock opened at $10.04 on Thursday. The firm has a market capitalization of $651.90 million, a P/E ratio of 17.61 and a beta of 0.63. Kearny Financial has a 1 year low of $6.22 and a 1 year high of $10.07. The firm’s fifty day simple moving average is $9.56 and its 200 day simple moving average is $8.52. 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 issued its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). The company had revenue of $45.69 million during the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. As a group, sell-side analysts predict that Kearny Financial will post 0.79 EPS for the current year.

Kearny Financial Announces Dividend

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

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.