Kearny Financial Corp. (NASDAQ:KRNY) reported a recent insider transaction involving its Senior Executive Vice President and Chief Financial Officer, Keith Suchodolski. On March 18, 2024, Suchodolski purchased 2,000 shares of the company's common stock at a price of $5.87 per share, totaling approximately $11,740.
This transaction has increased Suchodolski's direct ownership in the company to 82,648 shares. Additionally, it is important to note that Suchodolski's overall holdings in Kearny Financial Corp. include indirect ownership through various employee benefit plans, such as the Employee Stock Ownership Plan (ESOP), 401(k), and Bonus Equity Plan (BEP), although these holdings are not part of the reported transaction and reflect positions not required to be reported under Section 16 of the Securities Exchange Act of 1934.
The recent purchase by the SEVP and CFO reflects a vested interest in the company's performance and future. Kearny Financial Corp., with its headquarters in Fairfield, New Jersey, is a federally chartered savings institution known for providing a variety of banking services.
Investors often monitor insider transactions as they can provide insights into the confidence that company executives and directors have in the firm's prospects. The acquisition of shares by Suchodolski might be seen as a positive signal by market observers and shareholders alike.
The insider transaction details were disclosed in a Form 4 filing with the Securities and Exchange Commission, with the signature of Gail Corrigan, pursuant to the power of attorney, dated the same day as the transaction.
InvestingPro Insights
Kearny Financial Corp. (NASDAQ:KRNY) has recently seen noteworthy activity from its management, with Senior Executive Vice President and Chief Financial Officer Keith Suchodolski purchasing shares, signaling a potential vote of confidence in the company's future. In light of this insider transaction, it's valuable to consider the broader financial context of the company as provided by InvestingPro.
One of the key InvestingPro Tips for Kearny Financial Corp. is that management has been aggressively buying back shares. This aligns with Suchodolski's recent purchase and could indicate a strategic effort to enhance shareholder value or suggest that the company's leadership believes the stock is undervalued. Additionally, Kearny Financial pays a significant dividend to shareholders, boasting a dividend yield of 7.43%, which is particularly attractive to income-focused investors.
From a financial metrics perspective, the company's Market Cap stands at $375.56M, and the P/E Ratio is currently at 21.04, with an adjusted P/E Ratio for the last twelve months as of Q2 2024 at 19.87. This valuation could be appealing to investors looking for stable earnings at a reasonable market price. However, it's worth noting the company has experienced a Revenue Growth decline of -22.9% over the last twelve months as of Q2 2024, which may raise concerns about future growth prospects.
Despite recent challenges, including a predicted sales decline and weak gross profit margins, Kearny Financial Corp. has maintained its dividend payments for 10 consecutive years. This resilience in returning value to shareholders is a testament to the company's commitment to its dividend policy, even in less favorable market conditions. For those considering an investment in Kearny Financial Corp., additional InvestingPro Tips are available, providing deeper insights into the company's performance and potential. With the use of the coupon code PRONEWS24, readers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable tips.
As of now, there are 9 more InvestingPro Tips listed for Kearny Financial Corp., which may help investors make more informed decisions. The next earnings date for the company is set for April 25, 2024, which will be a crucial time for investors to watch for any significant updates on the company's performance and strategic direction.
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