Kearny Financial Corp director Melvina Wong-Zaza buys $9,935 in stock

In a recent transaction on August 15, Kearny Financial Corp. (NASDAQ:KRNY) Director Melvina Wong-Zaza acquired additional shares in the company. The director purchased 1,600 shares of common stock at an average price of $6.2099, amounting to a total investment of $9,935.

This purchase brings Wong-Zaza's total holdings in Kearny Financial Corp. to 22,535 shares of common stock. The transaction was disclosed in a filing with the Securities and Exchange Commission.

Investors often monitor insider buying and selling as it can provide insights into how executives and directors view the company's stock value and prospects. Wong-Zaza's purchase could be interpreted as a sign of confidence in the financial institution's future performance.

Kearny Financial Corp., a federally chartered savings institution, is known for providing various banking products and services. The company's stock performance and insider transactions are closely watched by stakeholders and market analysts.

The recent acquisition by Director Wong-Zaza is a notable event for investors, as insider transactions are considered an important indicator of a company's health and potential future success.

In other recent news, Kearny Financial Corp has announced significant changes in its executive leadership. Keith Suchodolski, previously the Chief Financial Officer, has been promoted to Senior Executive Vice President and Chief Operating Officer, expanding his role to oversee various departments. Concurrently, Sean Byrnes has been elevated to the role of Executive Vice President and Chief Financial Officer, taking over all corporate finance responsibilities. These promotions are set to take effect from July 1, 2024.

In other recent developments, Keefe, Bruyette & Woods have adjusted their outlook on Kearny Financial, reducing the company's price target to $6.00 from $6.75, while maintaining a Market Perform rating. This revision follows Kearny Financial's recent earnings report, which showed a modest earnings per share beat. However, the firm anticipates a compression in Kearny Financial's net interest margin due to rising certificate of deposit costs, leading to a lowered EPS forecast for fiscal year 2025.

The analysts at Keefe, Bruyette & Woods project a 4% return on tangible common equity for Kearny Financial for both fiscal years 2024 and 2025. They also expect the company's shares to maintain their current valuation. These recent developments provide insight into Kearny Financial's current and projected financial standing.

InvestingPro Insights

Following the recent insider purchase by Director Melvina Wong-Zaza at Kearny Financial Corp. (NASDAQ:KRNY), key metrics from InvestingPro provide a deeper look into the company's financial health and market position. Notably, Kearny Financial Corp. has a market capitalization of $396.4 million, underscoring its presence in the banking sector. Despite recent challenges, the company's net income is expected to grow this year, which could be a driving factor behind the director's investment decision.

InvestingPro Tips indicate that Kearny Financial Corp. pays a significant dividend to shareholders, with a notable dividend yield of 7.12%. This commitment to returning value to shareholders is further demonstrated by the company's history of maintaining dividend payments for 10 consecutive years. Additionally, while Kearny Financial Corp. was not profitable over the last twelve months, analysts predict the company will return to profitability this year, potentially offering a positive outlook for investors.

From a valuation standpoint, the company's Price/Book ratio as of the last twelve months stands at 0.53, which may suggest the stock is undervalued relative to its assets. However, it's worth noting that the company has experienced a decrease in revenue growth by -24.07% over the same period, which may be a point of concern for potential investors.

For those seeking further insights and additional InvestingPro Tips, there are 6 more tips available, which can be accessed to help investors make more informed decisions. With the next earnings date set for October 24, 2024, stakeholders will be keen to see how the company's strategies and market conditions influence its financial performance in the upcoming quarter.

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