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

Kearny Financial (NASDAQ:KRNY) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has a $8.50 target price on the savings and loans company’s stock, down from their previous target price of $9.00. Piper Sandler’s price target indicates a potential upside of 22.48% from the stock’s current price.

Separately, StockNews.com raised shares of Kearny Financial from a “sell” rating to a “hold” rating in a report on Monday, October 28th.

Kearny Financial Price Performance

Shares of NASDAQ KRNY opened at $6.94 on Monday. 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 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 has a twelve month low of $5.28 and a twelve month high of $8.66. The business has a 50 day simple moving average of $7.72 and a 200-day simple moving average of $7.01.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Kearny Financial by 161.1% in the third quarter. JPMorgan Chase & Co. now owns 239,689 shares of the savings and loans company’s stock valued at $1,647,000 after purchasing an additional 147,892 shares during the period. Franklin Resources Inc. increased its position in Kearny Financial by 2.8% in the 3rd quarter. Franklin Resources Inc. now owns 57,506 shares of the savings and loans company’s stock valued at $404,000 after acquiring an additional 1,576 shares during the period. Barclays PLC raised its stake in Kearny Financial by 26.1% during the 3rd quarter. Barclays PLC now owns 428,421 shares of the savings and loans company’s stock valued at $2,944,000 after acquiring an additional 88,771 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Kearny Financial by 65.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 59,245 shares of the savings and loans company’s stock valued at $407,000 after acquiring an additional 23,370 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in Kearny Financial by 116.1% during the 3rd quarter. Jane Street Group LLC now owns 127,433 shares of the savings and loans company’s stock worth $875,000 after acquiring an additional 68,473 shares during the period. 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.