Kearny Financial (NASDAQ:KRNY) Short Interest Up 23.5% in March

Kearny Financial (NASDAQ:KRNY) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 1,103,230 shares, an increase of 23.5% from the March 15th total of 893,005 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average daily volume of 385,369 shares, the days-to-cover ratio is presently 2.9 days.

Insider Transactions at Kearny Financial

In related news, EVP Timothy A. Swansson sold 4,000 shares of Kearny Financial stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $7.60, for a total value of $30,400.00. Following the sale, the executive vice president owned 55,833 shares of the company’s stock, valued at approximately $424,330.80. This trade represents a 6.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Patrick M. Joyce sold 4,000 shares of Kearny Financial stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 54,365 shares in the company, valued at approximately $415,892.25. This represents a 6.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 7.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in KRNY. EverSource Wealth Advisors LLC raised its holdings in 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 valued at $26,000 after acquiring an additional 1,753 shares in the last quarter. Osaic Holdings Inc. raised its holdings 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 valued at $27,000 after acquiring an additional 4,091 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings 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 valued at $45,000 after acquiring an additional 1,605 shares in the last quarter. New York State Common Retirement Fund raised its holdings in Kearny Financial by 59.4% in the 4th quarter. New York State Common Retirement Fund now owns 8,585 shares of the savings and loans company’s stock valued at $64,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in Kearny Financial in the 4th quarter valued at $74,000. 71.01% of the stock is currently owned by institutional investors.

Kearny Financial Stock Performance

Shares of NASDAQ KRNY traded up $0.20 during midday trading on Friday, hitting $8.12. 334,455 shares of the company’s stock were exchanged, compared to its average volume of 301,937. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.45. Kearny Financial has a 12 month low of $5.76 and a 12 month high of $8.50. The company’s 50 day moving average price is $7.71 and its 200 day moving average price is $7.36. The firm has a market capitalization of $525.69 million, a PE ratio of 15.62 and a beta of 0.66.

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

Kearny Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 18th. Stockholders of record on Wednesday, February 4th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Wednesday, February 4th. Kearny Financial’s payout ratio is currently 84.62%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Kearny Financial in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.00.

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.