BidaskClub downgraded shares of Kearny Financial (NASDAQ:KRNY) from a hold rating to a sell rating in a research note published on Tuesday morning.
Separately, Keefe, Bruyette & Woods reiterated a sell rating and issued a $13.00 target price on shares of Kearny Financial in a report on Thursday, August 3rd.
Shares of Kearny Financial (NASDAQ:KRNY) traded down 1.74% during midday trading on Tuesday, reaching $14.10. 277,854 shares of the company’s stock were exchanged. The company’s 50 day moving average is $14.69 and its 200-day moving average is $14.80. The stock has a market cap of $1.16 billion, a PE ratio of 64.09 and a beta of 0.58. Kearny Financial has a 12 month low of $12.61 and a 12 month high of $16.10.
Kearny Financial (NASDAQ:KRNY) last announced its earnings results on Friday, July 28th. The savings and loans company reported $0.05 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.05. Kearny Financial had a return on equity of 1.68% and a net margin of 12.37%. The business had revenue of $29.75 million for the quarter. Equities analysts forecast that Kearny Financial will post $0.24 EPS for the current fiscal year.
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Kearny Financial announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 24th that authorizes the company to repurchase 8,560,000 outstanding shares. This repurchase authorization authorizes the savings and loans company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. bought a new stake in shares of Kearny Financial during the first quarter valued at approximately $111,000. SG Americas Securities LLC bought a new stake in shares of Kearny Financial during the first quarter valued at approximately $118,000. Oppenheimer Asset Management Inc. boosted its stake in shares of Kearny Financial by 243.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 9,972 shares of the savings and loans company’s stock valued at $148,000 after buying an additional 7,068 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Kearny Financial by 546.6% in the second quarter. BNP Paribas Arbitrage SA now owns 11,070 shares of the savings and loans company’s stock valued at $164,000 after buying an additional 9,358 shares during the last quarter. Finally, Greenwood Capital Associates LLC boosted its stake in shares of Kearny Financial by 9.1% in the first quarter. Greenwood Capital Associates LLC now owns 15,262 shares of the savings and loans company’s stock valued at $230,000 after buying an additional 1,276 shares during the last quarter. Institutional investors and hedge funds own 66.76% of the company’s stock.
Kearny Financial Company Profile
Kearny Bank is principally engaged in the business of attracting deposits from the general public at its 41 locations in New Jersey and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers.
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