Kearny Financial (NASDAQ:KRNY) Sees Large Volume Increase – Time to Buy?

Kearny Financial (NASDAQ:KRNY) saw unusually-high trading volume on Monday . 1,137,300 shares were traded during mid-day trading, an increase of 165% from the previous session’s volume of 428,875 shares.The stock last traded at $9.72 and had previously closed at $9.62.

Wall Street Analyst Weigh In

A number of equities analysts have commented on KRNY shares. Piper Sandler lifted 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. Weiss Ratings cut shares of Kearny Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Finally, Zacks Research raised shares of Kearny Financial to a “hold” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.50.

Kearny Financial Stock Performance

The business has a fifty day moving average of $9.24 and a 200 day moving average of $8.35. The company has a market cap of $633.80 million, a P/E ratio of 17.18 and a beta of 0.64. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.39.

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 the consensus estimate 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 4.92%. On average, equities analysts predict that Kearny Financial will post 0.8 EPS for the current year.

Kearny Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.5%. Kearny Financial’s payout ratio is presently 77.19%.

Insider Activity at Kearny Financial

In related news, Director Curtland E. Fields purchased 14,700 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was bought at an average cost of $9.41 per share, with a total value of $138,327.00. Following the completion of the purchase, the director directly owned 57,900 shares in the company, valued at approximately $544,839. This represents a 34.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Leopold W. Montanaro acquired 4,773 shares of the stock in a transaction on Monday, August 10th. The stock was bought at an average price of $9.46 per share, with a total value of $45,152.58. Following the completion of the acquisition, the director directly owned 270,000 shares of the company’s stock, valued at $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 44,273 shares of company stock worth $394,676 over the last 90 days. 7.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its holdings 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 acquiring an additional 1,753 shares during the last quarter. Allworth Financial LP purchased a new position in shares of Kearny Financial in the second quarter worth $27,000. Osaic Holdings Inc. raised its stake in shares of Kearny Financial by 11,688.6% in the second quarter. Osaic Holdings Inc. now owns 4,126 shares of the savings and loans company’s stock worth $27,000 after purchasing an additional 4,091 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Kearny Financial by 35.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock valued at $45,000 after purchasing an additional 1,605 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Kearny Financial during the second quarter valued at $54,000. Institutional investors own 71.01% of the company’s stock.

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.