Kearny Financial (NASDAQ:KRNY) Issues Quarterly Earnings Results

Kearny Financial (NASDAQ:KRNY) posted its quarterly earnings results on Thursday. The savings and loans company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01), FiscalAI reports. The firm had revenue of $45.28 million for the quarter, compared to the consensus estimate of $46.97 million. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%.

Kearny Financial Trading Up 2.3%

Shares of Kearny Financial stock opened at $9.27 on Friday. The business has a fifty day simple moving average of $9.51 and a two-hundred day simple moving average of $8.98. Kearny Financial has a 1 year low of $6.22 and a 1 year high of $10.23. The company has a market capitalization of $601.90 million, a price-to-earnings ratio of 16.26 and a beta of 0.65. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.05 and a quick ratio of 1.05.

Kearny Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Wednesday, November 4th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Wednesday, November 4th. Kearny Financial’s dividend payout ratio is 77.19%.

Insiders Place Their Bets

In related news, Director Leopold W. Montanaro acquired 4,773 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were purchased at an average cost of $9.46 per share, for a total transaction of $45,152.58. Following the completion of the acquisition, the director directly owned 270,000 shares in the company, valued at approximately $2,554,200. This trade represents a 1.80% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Curtland Fields acquired 14,700 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was bought at an average cost of $9.41 per share, for a total transaction of $138,327.00. Following the completion of the transaction, the director directly owned 57,900 shares of the company’s stock, valued at approximately $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 ninety days, insiders have acquired 21,033 shares of company stock valued at $198,502. Company insiders own 7.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on KRNY. 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. Piper Sandler boosted their price objective on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research note on Thursday, June 25th. Finally, Raymond James Financial initiated coverage on shares of Kearny Financial in a report on Wednesday, August 26th. They issued an “outperform” rating and a $11.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.75.

About Kearny Financial

Kearny Financial Corp. is the holding company for Kearny Bank, a community-focused financial institution headquartered in Fairfield, New Jersey. The bank provides a range of banking and financial services to individuals, families, businesses and nonprofit organizations.

Kearny Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, commercial real estate financing, business loans, construction loans and consumer lending.