Kearny Financial (NASDAQ:KRNY) Hits New 12-Month High Following Analyst Upgrade

Kearny Financial (NASDAQ:KRNY) shares hit a new 52-week high during trading on Thursday after Raymond James Financial upgraded the stock to a moderate buy rating. The company traded as high as $9.98 and last traded at $9.9550, with a volume of 629940 shares changing hands. The stock had previously closed at $9.84.

Other analysts also recently issued research reports about the stock. Weiss Ratings upgraded shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Piper Sandler increased their price target on Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $10.75.

Insider Activity

In related news, Director Leopold W. Montanaro acquired 4,773 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average price of $9.46 per share, with a total value of $45,152.58. Following the acquisition, the director owned 270,000 shares of the company’s stock, valued at approximately $2,554,200. This trade represents a 1.80% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Curtland E. Fields bought 14,700 shares of the business’s stock in a transaction on Monday, July 27th. The stock was bought at an average price of $9.41 per share, with a total value of $138,327.00. Following the purchase, the director owned 57,900 shares in the company, valued at $544,839. This trade represents a 34.03% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 44,273 shares of company stock worth $394,676. 7.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kearny Financial

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in Kearny Financial by 103.4% in 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 in the last quarter. Allworth Financial LP purchased a new position in Kearny Financial during the second quarter worth about $27,000. Osaic Holdings Inc. increased its stake in Kearny Financial by 11,688.6% in the 2nd quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after acquiring an additional 4,091 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position 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 valued at $45,000 after acquiring an additional 1,605 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Kearny Financial in the second quarter worth approximately $54,000. 71.01% of the stock is currently owned by institutional investors.

Kearny Financial Trading Down 1.9%

The firm’s 50-day simple moving average is $9.49 and its 200-day simple moving average is $8.48. The firm has a market capitalization of $637.61 million, a P/E ratio of 17.23 and a beta of 0.64. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 1.50.

Kearny Financial (NASDAQ:KRNY) last released 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 firm had revenue of $45.69 million for the quarter, compared to analysts’ expectations of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. Analysts anticipate that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 12th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, August 12th. This represents a $0.44 annualized dividend and a dividend yield of 4.5%. Kearny Financial’s dividend payout ratio (DPR) is 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.