Kearny Financial (NASDAQ:KRNY) Hits New 1-Year High – Should You Buy?

Kearny Financial (NASDAQ:KRNY)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $8.20 and last traded at $8.2150, with a volume of 162630 shares changing hands. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

KRNY has been the topic of a number of recent research reports. Piper Sandler raised their price objective on Kearny Financial from $7.50 to $9.00 and gave the company an “overweight” rating in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Kearny Financial in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Kearny Financial has a consensus rating of “Hold” and an average price target of $8.00.

Kearny Financial Stock Performance

The company has a market cap of $529.90 million, a PE ratio of 17.42 and a beta of 0.70. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.60. The stock’s 50 day simple moving average is $7.34 and its two-hundred day simple moving average is $6.77.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings data on Thursday, October 23rd. The savings and loans company reported $0.15 EPS for the quarter, hitting analysts’ consensus estimates of $0.15. The firm had revenue of $42.80 million for the quarter, compared to analyst estimates of $42.43 million. Kearny Financial had a net margin of 8.57% and a return on equity of 3.89%.

Institutional Investors Weigh In On Kearny Financial

A number of institutional investors have recently added to or reduced their stakes in KRNY. Fourthstone LLC lifted its position in shares of Kearny Financial by 351.4% in the second quarter. Fourthstone LLC now owns 1,109,666 shares of the savings and loans company’s stock valued at $7,168,000 after buying an additional 863,816 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of 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 valued at $5,931,000 after acquiring an additional 724,297 shares during the period. Segall Bryant & Hamill LLC bought a new stake in shares of Kearny Financial during the third quarter worth $1,583,000. First Trust Advisors LP raised its position in Kearny Financial by 402.0% in the third quarter. First Trust Advisors LP now owns 214,681 shares of the savings and loans company’s stock valued at $1,410,000 after purchasing an additional 171,916 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Kearny Financial by 4.2% in the third quarter. Vanguard Group Inc. now owns 3,348,893 shares of the savings and loans company’s stock valued at $22,002,000 after acquiring an additional 133,683 shares during the last quarter. 71.01% of the stock is 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.