Kearny Financial (NASDAQ:KRNY) Announces Quarterly Earnings Results, Hits Expectations

Kearny Financial (NASDAQ:KRNY) posted its quarterly earnings results on Thursday. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.15, FiscalAI reports. Kearny Financial had a net margin of 9.41% and a return on equity of 4.26%. The business had revenue of $44.31 million during the quarter, compared to the consensus estimate of $43.67 million.

Kearny Financial Stock Up 1.4%

KRNY traded up $0.11 during mid-day trading on Thursday, reaching $7.98. 173,086 shares of the stock were exchanged, compared to its average volume of 364,551. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $516.63 million, a PE ratio of 15.33 and a beta of 0.66. The company has a 50 day moving average price of $7.71 and a two-hundred day moving average price of $7.39. Kearny Financial has a 1 year low of $5.76 and a 1 year high of $8.50.

Insiders Place Their Bets

In other Kearny Financial news, EVP Timothy A. Swansson sold 4,000 shares of Kearny Financial stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $7.60, for a total transaction of $30,400.00. Following the transaction, the executive vice president directly owned 55,833 shares of the company’s stock, valued at $424,330.80. The trade was a 6.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Patrick M. Joyce sold 4,000 shares of Kearny Financial stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $7.65, for a total transaction of $30,600.00. Following the transaction, the executive vice president directly owned 54,365 shares in the company, valued at $415,892.25. This represents a 6.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 7.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Kearny Financial

A number of hedge funds have recently bought and sold shares of KRNY. Adage Capital Partners GP L.L.C. boosted its holdings in Kearny Financial by 488.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,612,987 shares of the savings and loans company’s stock worth $11,952,000 after acquiring an additional 1,339,062 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Kearny Financial by 373.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company’s stock worth $5,931,000 after acquiring an additional 724,297 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Kearny Financial by 36.4% during the 4th quarter. AQR Capital Management LLC now owns 2,023,294 shares of the savings and loans company’s stock worth $14,993,000 after acquiring an additional 539,811 shares during the last quarter. First Trust Advisors LP boosted its holdings in Kearny Financial by 402.0% during the 3rd quarter. First Trust Advisors LP now owns 214,681 shares of the savings and loans company’s stock worth $1,410,000 after acquiring an additional 171,916 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Kearny Financial by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company’s stock worth $22,002,000 after acquiring an additional 133,683 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Kearny Financial in a research report on Wednesday, January 28th. One research 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, Kearny Financial currently has a consensus rating of “Hold” and a consensus price target of $8.00.

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.