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Kearny Financial Corp. (KRNY)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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8.55-0.19 (-2.23%)
At close: 4:00PM EDT
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Previous Close8.74
Open8.56
Bid0.00 x 1100
Ask8.56 x 2900
Day's Range8.51 - 8.69
52 Week Range6.91 - 14.40
Volume273,071
Avg. Volume301,478
Market Cap764.923M
Beta (5Y Monthly)0.70
PE Ratio (TTM)15.65
EPS (TTM)0.55
Earnings DateOct 29, 2020 - Nov 02, 2020
Forward Dividend & Yield0.32 (3.66%)
Ex-Dividend DateSep 01, 2020
1y Target Est10.00
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Benzinga

    Why Kearny Financial's Stock Is Trading Higher

    Kearny Financial (NASDAQ: KRNY) shares are trading higher on Monday after the company announced the resumption of its current stock repurchase plan and approval of a new 5% stock repurchase plan.Kearny Financial is a Maryland holding company for Kearny Bank, a federally-chartered stock savings bank. The bank is engaged in the business of attracting deposits from the general public in New Jersey and New York, and using these deposits, together with other funds, to originate or purchase loans for its portfolios and invest in securities. The bank's loan portfolio is chiefly comprised of loans collateralized by commercial and residential real estate. It is also heavily into secured and unsecured business and consumer loans. The bank's primary source of income is net interest income.Kearny Financial shares traded up 4.36% to $8.38 on Monday. The stock has a 52-week high of $14.40 and a 52-week low of $6.91.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Why Trinseo's Stock Is Trading Higher Today * Why Cree's Stock Is Trading Higher Today(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    Kearny Financial Corp. Announces Resumption of Its Current Stock Repurchase Plan and Approval of a New 5% Stock Repurchase Plan

    FAIRFIELD, N.J., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company for Kearny Bank, announced today that the Board of Directors has authorized the resumption of its current stock repurchase plan, which has 761,030 shares of Company common stock remaining to be repurchased. The current stock repurchase plan was temporarily suspended on March 25, 2020 due to the risks and uncertainties associated with the COVID-19 pandemic. Upon completion of its current stock repurchase plan, the Board of Directors has approved a new stock repurchase plan to acquire up to 4,475,523 shares or 5% of the Company’s outstanding common stock. Craig L. Montanaro, President & CEO noted, “Since our second-step conversion in May of 2015 our share repurchase program has returned in excess of $500 million of capital to our stockholders. As demonstrated by this most recent authorization, we believe that share repurchases remain an excellent strategy to build long-term shareholder value.”Repurchases will be made from time to time in the open market, through block trades, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. Such repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases.  The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company.About Kearny Financial Corp. Kearny Financial Corp. is the parent company of Kearny Bank which operates from its administrative headquarters in Fairfield, New Jersey, and a total of 51 retail branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York. At June 30, 2020, Kearny Financial Corp. had approximately $6.8 billion in total assets.Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. In addition, the COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened or remain open. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen or remain open, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; due to a decline in our stock price or other factors, goodwill may become impaired and be required to be written down; and our cyber security risks are increased as the result of an increase in the number of employees working remotely.For further information contact: Craig L. Montanaro, President and Chief Executive Officer, or Keith Suchodolski, Executive Vice President and Chief Financial Officer Kearny Financial Corp. (973) 244-4500

  • GlobeNewswire

    Kearny Financial Corp. Provides Update Regarding COVID-19 Impacted Loans

    FAIRFIELD, N.J., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today announced updated information regarding the Bank’s COVID-19 impacted loans. As of September 30, 2020, the Company had active payment deferrals on 63 loans totaling $76.9 million in principal balances, representing 1.54% of total loans. This represents a small portion of the total deferrals granted and a substantial decrease in the number and amount of active deferrals at June 30, 2020.Craig L. Montanaro, President and Chief Executive Officer, commented, “While COVID-19 presents ongoing challenges to our communities and borrowers, we are encouraged by the volume of modified loans which have returned to their regular payment schedules. In addition, our exposure to industries particularly hard hit by the pandemic remains relatively low while, for the large percentage of those loans which are secured by real estate, our collateral coverage remains strong.”The following table identifies the level of active and total non-TDR loan modifications at September 30, 2020: September 30, 2020   Active Modifications (1)  Total Modifications (1)  Increase/(Decrease)    of Loans  Balance   of Loans  Balance   of Loans  Balance       (Dollars In Thousands)  Commercial loans:                        Multi-family mortgage 7  $15,910   143  $393,156   (136) $(377,246) Nonresidential mortgage 11   41,660   168   305,841   (157)  (264,181) Commercial business 4   2,684   60   10,107   (56)  (7,423) Construction 1   2,537   5   12,240   (4)  (9,703) Total commercial loans 23   62,791   376   721,344   (353)  (658,553)                          Residential mortgage 36   13,866   420   156,963   (384)  (143,097)                          Consumer loans:                        Home equity loans 4   252   47   4,603   (43)  (4,351)                          Total 63  $76,909   843  $882,910   (780) $(806,001)                            (1)    Includes loans acquired in conjunction with the Company’s acquisition of MSB Financial Corp. on July 10, 2020.The following table identifies our exposure to certain loan sectors at September 30, 2020: September 30, 2020   Real-Estate Secured (1)  Non-Real Estate Secured (1)  Total    of Loans  Balance  LTV   of Loans  Balance   of Loans  Balance                                             (Dollars In Thousands)  Hotel 4  $4,357   51%  7  $1,479   11  $5,836  Restaurant 15   9,805   51%  36   3,888   51   13,693  Retail shopping center 129   321,787   52%  2   55   131   321,842  Entertainment & recreation 5   5,153   45%  14   871   19   6,024  Wholesale commercial business -   -  N/A   15   20,569   15   20,569  Wholesale consumer unsecured -   -  N/A   107   202   107   202  Total 153  $341,102   52%  181  $27,064   334  $368,166                               (1)    Includes loans acquired in conjunction with the Company’s acquisition of MSB Financial Corp. on July 10, 2020.About Kearny Financial Corp. Kearny Financial Corp. is the parent company of Kearny Bank which operates from its administrative headquarters in Fairfield, New Jersey, and a total of 51 retail branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York. At June 30, 2020, Kearny Financial Corp. had approximately $6.8 billion in total assets.Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.In addition, the COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened or remain open. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen or remain open, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; due to a decline in our stock price or other factors, goodwill may become impaired and be required to be written down; and our cyber security risks are increased as the result of an increase in the number of employees working remotely.For further information contact: Craig L. Montanaro, President and Chief Executive Officer, or Keith Suchodolski, Executive Vice President and Chief Financial Officer Kearny Financial Corp. (973) 244-4500