Piper Sandler Upgrades Kearny Financial (NASDAQ:KRNY) to “Overweight”

Piper Sandler upgraded shares of Kearny Financial (NASDAQ:KRNY) from a neutral rating to an overweight rating in a research report report published on Monday morning, MarketBeat reports. Piper Sandler currently has $8.50 target price on the savings and loans company’s stock, down from their prior target price of $9.00.

Separately, StockNews.com upgraded Kearny Financial from a “sell” rating to a “hold” rating in a research note on Monday, October 28th.

Kearny Financial Price Performance

Shares of KRNY stock opened at $6.94 on Monday. Kearny Financial has a 12-month low of $5.28 and a 12-month high of $8.59. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.99. The firm has a fifty day moving average of $7.72 and a 200-day moving average of $7.01. The company has a market capitalization of $448.19 million, a price-to-earnings ratio of -4.79 and a beta of 0.82.

Kearny Financial (NASDAQ:KRNY) last released its earnings results on Thursday, October 24th. The savings and loans company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The firm had revenue of $87.88 million during the quarter, compared to analysts’ expectations of $37.70 million. Kearny Financial had a positive return on equity of 3.05% and a negative net margin of 27.43%. During the same quarter in the prior year, the company earned $0.16 EPS.

Kearny Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.44 annualized dividend and a yield of 6.34%. Kearny Financial’s dividend payout ratio (DPR) is presently -30.34%.

Hedge Funds Weigh In On Kearny Financial

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its stake in Kearny Financial by 101.6% in the second quarter. AQR Capital Management LLC now owns 1,419,996 shares of the savings and loans company’s stock valued at $8,733,000 after purchasing an additional 715,500 shares in the last quarter. Millennium Management LLC grew its position in shares of Kearny Financial by 144.1% in the 2nd quarter. Millennium Management LLC now owns 798,200 shares of the savings and loans company’s stock valued at $4,909,000 after acquiring an additional 471,155 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Kearny Financial by 79.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 564,572 shares of the savings and loans company’s stock valued at $3,879,000 after purchasing an additional 249,437 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Kearny Financial by 161.1% during the third quarter. JPMorgan Chase & Co. now owns 239,689 shares of the savings and loans company’s stock worth $1,647,000 after purchasing an additional 147,892 shares during the period. Finally, Squarepoint Ops LLC increased its position in Kearny Financial by 259.3% during the second quarter. Squarepoint Ops LLC now owns 136,691 shares of the savings and loans company’s stock worth $841,000 after buying an additional 98,643 shares during the last quarter. Institutional investors own 71.01% of the company’s stock.

Kearny Financial Company Profile

Kearny Financial Corp. operates as the holding company for Kearny Bank that provides various banking products and services in the United States. It offers various deposit products, including interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, and certificates of deposit accounts.