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

Piper Sandler upgraded shares of Kearny Financial (NASDAQ:KRNY - Free Report) from a neutral rating to an overweight rating in a report issued on Monday morning, MarketBeat reports. Piper Sandler currently has $8.50 price objective on the savings and loans company's stock, down from their prior price objective 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 Stock Up 3.9 %

NASDAQ KRNY traded up $0.27 on Monday, hitting $7.15. 689,569 shares of the stock traded hands, compared to its average volume of 381,290. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.99. The stock has a 50-day moving average of $7.73 and a 200 day moving average of $7.00. Kearny Financial has a twelve month low of $5.28 and a twelve month high of $8.66. The company has a market capitalization of $461.75 million, a P/E ratio of -4.93 and a beta of 0.82.

Kearny Financial (NASDAQ:KRNY - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The savings and loans company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. Kearny Financial had a positive return on equity of 3.05% and a negative net margin of 27.43%. The business had revenue of $87.88 million for the quarter, compared to analyst estimates of $37.70 million. During the same period in the prior year, the company posted $0.16 EPS.

Kearny Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 20th. Shareholders of record on Wednesday, November 6th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend was Wednesday, November 6th. Kearny Financial's payout ratio is currently -30.34%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Barclays PLC raised its holdings in Kearny Financial by 26.1% during the third quarter. Barclays PLC now owns 428,421 shares of the savings and loans company's stock worth $2,944,000 after purchasing an additional 88,771 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Kearny Financial by 345.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 104,772 shares of the savings and loans company's stock worth $720,000 after buying an additional 81,274 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Kearny Financial by 116.1% in the 3rd quarter. Jane Street Group LLC now owns 127,433 shares of the savings and loans company's stock worth $875,000 after buying an additional 68,473 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Kearny Financial by 122.3% in the third quarter. US Bancorp DE now owns 22,023 shares of the savings and loans company's stock valued at $151,000 after buying an additional 12,116 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Kearny Financial by 2.8% during the third quarter. Franklin Resources Inc. now owns 57,506 shares of the savings and loans company's stock valued at $404,000 after buying an additional 1,576 shares in the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

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.