Odyssean LLC Takes $598,000 Position in Kearny Financial $KRNY

Odyssean LLC bought a new stake in Kearny Financial (NASDAQ:KRNY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 63,262 shares of the savings and loans company’s stock, valued at approximately $598,000. Odyssean LLC owned 0.10% of Kearny Financial as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in KRNY. Goldman Sachs Group Inc. boosted its holdings in Kearny Financial by 8.1% during the first quarter. Goldman Sachs Group Inc. now owns 729,773 shares of the savings and loans company’s stock valued at $4,568,000 after purchasing an additional 54,606 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of Kearny Financial in the 1st quarter worth approximately $146,000. Empowered Funds LLC lifted its position in shares of Kearny Financial by 8.7% during the 1st quarter. Empowered Funds LLC now owns 181,165 shares of the savings and loans company’s stock worth $1,134,000 after buying an additional 14,427 shares during the period. Jane Street Group LLC lifted its position in shares of Kearny Financial by 95.0% during the 1st quarter. Jane Street Group LLC now owns 152,595 shares of the savings and loans company’s stock worth $955,000 after buying an additional 74,349 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Kearny Financial by 5.1% during the 2nd quarter. Rhumbline Advisers now owns 89,669 shares of the savings and loans company’s stock worth $579,000 after buying an additional 4,340 shares during the period. Institutional investors and hedge funds own 71.01% of the company’s stock.

Kearny Financial Stock Performance

NASDAQ KRNY opened at $9.84 on Thursday. Kearny Financial has a 1-year low of $6.22 and a 1-year high of $9.97. The company has a 50 day moving average of $9.43 and a 200-day moving average of $8.46. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 1.50. The firm has a market cap of $638.91 million, a price-to-earnings ratio of 17.26 and a beta of 0.64.

Kearny Financial (NASDAQ:KRNY) last released its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). The business had revenue of $45.69 million for the quarter, compared to the consensus estimate of $45.61 million. Kearny Financial had a return on equity of 4.90% and a net margin of 10.45%. On average, equities analysts forecast that Kearny Financial will post 0.8 earnings per share for the current fiscal year.

Kearny Financial Dividend Announcement

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

Insider Activity

In related news, Director Leopold W. Montanaro purchased 4,773 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was acquired 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 in the company, valued at approximately $2,554,200. This trade represents a 1.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Curtland E. Fields acquired 14,700 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was bought at an average price of $9.41 per share, with a total value of $138,327.00. Following the transaction, the director directly owned 57,900 shares in the company, valued at $544,839. The trade was a 34.03% 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 valued at $394,676 over the last three months. 7.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on KRNY shares. Piper Sandler upped their price target on Kearny Financial from $9.50 to $10.50 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Weiss Ratings raised Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Raymond James Financial started coverage on shares of Kearny Financial in a research note on Wednesday. They issued an “outperform” rating and a $11.00 target price on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.75.

Kearny Financial 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.