Kearny Financial Corp. (NASDAQ:KRNY), a $454 million market cap financial institution currently offering a 6.05% dividend yield, has disclosed the upcoming departure of one of its board members, John N. Hopkins, who has informed the company of his retirement and resignation, effective February 1, 2025. According to InvestingPro data, the company has maintained consistent dividend payments for 10 consecutive years.
Additionally, the company reported the passing of John F. Regan, another board member, on January 14, 2025. In response to these changes, Kearny Financial Corp. and Kearny Bank will reduce the size of their respective boards from 14 to 12 members as of February 1, 2025. While the company’s overall financial health score is currently rated as WEAK by InvestingPro, analysts project improved profitability for the current fiscal year. This reduction is intended to address the vacancies resulting from Mr. Regan’s passing and Mr. Hopkins’ retirement.
Kearny Financial Corp., headquartered in Fairfield, New Jersey, operates as the federally chartered stock holding company for Kearny Bank. As noted in the filing, the company did not provide further details on the circumstances surrounding Mr. Regan’s passing or any information regarding succession plans for the departing board members.
In other recent news, Kearny Financial has been in the spotlight for several significant developments. Piper Sandler upgraded Kearny Financial’s stock rating from Neutral to Overweight, indicating a favorable risk/reward profile. The firm also adjusted the price target to $8.50 from $9.00, suggesting an upside potential of about 24%. This change is based on the expectation that Kearny Financial’s shares will trade at 85% of the estimated tangible book value per share in one year’s time.
The company has also reported a significant recovery, with a net income of $6.1 million for the quarter ending September 30, 2024. This is a noteworthy turnaround from the previous quarter’s net loss. Kearny Financial also announced a quarterly cash dividend of $0.11 per share. On the balance sheet, total assets increased, with loans receivable and deposits seeing growth, while net interest income for the quarter decreased slightly.
In governance news, Kearny Financial Corp. elected John N. Hopkins, Catherine A. Lawton, Craig L. Montanaro, and Leopold W. Montanaro as directors during their annual stockholders meeting. The company also ratified Crowe LLP as its independent auditor for the fiscal year ending June 30, 2025.
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