Kearny Financial (NASDAQ:KRNY) Upgraded by Raymond James Financial to Moderate Buy Rating

Raymond James Financial upgraded shares of Kearny Financial (NASDAQ:KRNY) to a moderate buy rating in a research note published on Wednesday,Zacks.com reports.

Several other analysts have also weighed in on KRNY. Weiss Ratings upgraded shares of Kearny Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Piper Sandler raised their price target on shares of Kearny Financial from $9.50 to $10.50 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.75.

Kearny Financial Price Performance

Shares of KRNY opened at $10.01 on Wednesday. The firm has a market cap of $649.94 million, a price-to-earnings ratio of 17.56 and a beta of 0.64. The stock has a 50 day moving average of $9.46 and a 200-day moving average of $8.47. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 1.50. Kearny Financial has a 52 week low of $6.22 and a 52 week high of $10.04.

Kearny Financial (NASDAQ:KRNY) last posted its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.02). The firm had revenue of $45.69 million for the quarter, compared to analyst estimates of $45.61 million. Kearny Financial had a net margin of 10.45% and a return on equity of 4.90%. As a group, analysts forecast that Kearny Financial will post 0.8 EPS for the current 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 given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Wednesday, August 12th. Kearny Financial’s dividend payout ratio is presently 77.19%.

Insider Buying and Selling

In related news, Director Leopold W. Montanaro acquired 4,773 shares of Kearny Financial stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $9.46 per share, for a total transaction of $45,152.58. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Curtland E. Fields acquired 14,700 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were bought at an average price of $9.41 per share, with a total value of $138,327.00. Following the completion of the purchase, the director 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. In the last 90 days, insiders have purchased 44,273 shares of company stock valued at $394,676. Insiders own 7.44% of the company’s stock.

Hedge Funds Weigh In On Kearny Financial

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in shares of 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 period. Allworth Financial LP acquired a new position in Kearny Financial during the 2nd quarter valued at about $27,000. Osaic Holdings Inc. grew its position in Kearny Financial by 11,688.6% in the 2nd 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 grew its position in Kearny Financial by 35.6% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,118 shares of the savings and loans company’s stock worth $45,000 after purchasing an additional 1,605 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Kearny Financial in the second quarter valued at approximately $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.