Kearny Financial (NASDAQ:KRNY) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of Kearny Financial (NASDAQ:KRNY) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.13 and traded as high as $7.81. Kearny Financial shares last traded at $7.61, with a volume of 362,006 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on KRNY. Piper Sandler raised their price objective on Kearny Financial from $7.50 to $9.00 and gave the stock 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 Wednesday, January 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently 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 $492.67 million, a P/E ratio of 14.63 and a beta of 0.69. The firm has a 50 day moving average price of $7.83 and a 200-day moving average price of $7.13. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.03 and a current ratio of 1.03.

Kearny Financial (NASDAQ:KRNY) last issued its quarterly earnings data on Thursday, January 22nd. The savings and loans company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The company had revenue of $43.54 million during the quarter, compared to the consensus estimate of $44.84 million. Kearny Financial had a net margin of 9.41% and a return on equity of 4.26%.

Kearny Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 18th. Investors of record on Wednesday, February 4th were issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Wednesday, February 4th. Kearny Financial’s dividend payout ratio is currently 84.62%.

Insider Transactions at Kearny Financial

In related news, EVP Patrick M. Joyce sold 4,000 shares of Kearny Financial stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $7.65, for a total value of $30,600.00. Following the transaction, the executive vice president owned 54,365 shares in the company, valued at $415,892.25. This trade represents a 6.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 7.44% of the company’s stock.

Institutional Investors Weigh In On Kearny Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LLC increased its stake in shares of Kearny Financial by 13.9% in the fourth quarter. Corient Private Wealth LLC now owns 25,792 shares of the savings and loans company’s stock worth $191,000 after purchasing an additional 3,144 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Kearny Financial by 36.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 38,996 shares of the savings and loans company’s stock valued at $289,000 after buying an additional 10,326 shares during the last quarter. Empowered Funds LLC increased its position in Kearny Financial by 6.1% in the 4th quarter. Empowered Funds LLC now owns 237,469 shares of the savings and loans company’s stock worth $1,760,000 after buying an additional 13,678 shares during the period. XTX Topco Ltd acquired a new position in shares of Kearny Financial during the fourth quarter worth approximately $97,000. Finally, nVerses Capital LLC bought a new stake in shares of Kearny Financial in the fourth quarter valued at approximately $76,000. 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.