Kearny Financial (NASDAQ:KRNY) Sets New 52-Week High – Should You Buy?

Kearny Financial (NASDAQ:KRNY)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.66 and last traded at $9.4250, with a volume of 645435 shares trading hands. The stock had previously closed at $9.37.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Zacks Research raised shares of Kearny Financial to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings raised shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, June 29th. Finally, Piper Sandler raised their target price on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a report on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.50.

Kearny Financial Price Performance

The company has a fifty day simple moving average of $8.40 and a two-hundred day simple moving average of $7.97. The stock has a market capitalization of $615.09 million, a price-to-earnings ratio of 16.57 and a beta of 0.64. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.03 and a current ratio of 1.03.

Kearny Financial (NASDAQ:KRNY) last released its earnings results on Thursday, April 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.15. Kearny Financial had a return on equity of 4.61% and a net margin of 10.39%.The company had revenue of $44.31 million for the quarter, compared to analyst estimates of $43.67 million. As a group, equities research analysts expect that Kearny Financial will post 0.61 earnings per share for the current fiscal year.

Kearny Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Wednesday, May 6th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.44 annualized dividend and a yield of 4.6%. Kearny Financial’s dividend payout ratio is currently 77.19%.

Insider Transactions at Kearny Financial

In other news, Director Curtland E. Fields purchased 3,600 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was bought at an average price of $8.41 per share, with a total value of $30,276.00. Following the acquisition, the director owned 43,200 shares in the company, valued at approximately $363,312. The trade was a 9.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Melvina Wong-Zaza purchased 3,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $8.57 per share, with a total value of $29,995.00. Following the acquisition, the director owned 33,910 shares in the company, valued at $290,608.70. This trade represents a 11.51% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 24,800 shares of company stock worth $211,196 over the last quarter. Corporate insiders own 7.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. lifted its stake in Kearny Financial by 488.8% during the fourth 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 purchasing an additional 1,339,062 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Kearny Financial by 373.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 918,125 shares of the savings and loans company’s stock valued at $5,931,000 after purchasing an additional 724,297 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of 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 buying an additional 539,811 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of 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 buying an additional 171,916 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Kearny Financial during the 4th quarter worth $1,145,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

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.