Kearny Financial (NASDAQ:KRNY) Hits New 1-Year High – Here’s Why

Kearny Financial (NASDAQ:KRNY) hit a new 52-week high on Thursday . The company traded as high as $7.96 and last traded at $7.9550, with a volume of 92180 shares changing hands. The stock had previously closed at $7.77.

Wall Street Analysts Forecast Growth

Several analysts recently commented on KRNY shares. Piper Sandler increased their target price on shares of Kearny Financial from $7.50 to $9.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Weiss Ratings restated a “hold (c)” rating on shares of Kearny Financial in a report on Friday, October 31st. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.00.

Kearny Financial Stock Up 1.7%

The firm has a 50-day moving average of $7.22 and a two-hundred day moving average of $6.74. The stock has a market capitalization of $511.70 million, a price-to-earnings ratio of 16.80 and a beta of 0.70. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.60.

Kearny Financial (NASDAQ:KRNY) last released its earnings results on Thursday, October 23rd. The savings and loans company reported $0.15 earnings per share for the quarter, meeting the consensus estimate of $0.15. The company had revenue of $42.80 million for the quarter, compared to analysts’ expectations of $42.43 million. Kearny Financial had a return on equity of 3.89% and a net margin of 8.57%.

Kearny Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 19th. Shareholders of record on Wednesday, November 5th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 5.6%. Kearny Financial’s dividend payout ratio (DPR) is 93.62%.

Institutional Trading of Kearny Financial

A number of institutional investors have recently bought and sold shares of the company. Pallas Capital Advisors LLC increased its position in Kearny Financial by 14.2% in the 4th quarter. Pallas Capital Advisors LLC now owns 19,000 shares of the savings and loans company’s stock worth $141,000 after purchasing an additional 2,367 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Kearny Financial by 73.1% in the 4th quarter. SG Americas Securities LLC now owns 37,950 shares of the savings and loans company’s stock valued at $281,000 after buying an additional 16,032 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Kearny Financial by 32.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,480 shares of the savings and loans company’s stock worth $356,000 after buying an additional 11,536 shares during the last quarter. JPMorgan Chase & Co. raised its position in Kearny Financial by 6.5% during the third quarter. JPMorgan Chase & Co. now owns 139,797 shares of the savings and loans company’s stock valued at $918,000 after acquiring an additional 8,564 shares in the last quarter. Finally, Cambria Investment Management L.P. bought a new position in Kearny Financial during the third quarter valued at approximately $153,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

About Kearny Financial

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.