Kearny Financial (NASDAQ:KRNY) announced that its Board of Directors has approved a share buyback plan, which allows the company to repurchase 8,560,000 outstanding shares on Wednesday, May 24th, EventVestor reports. This repurchase authorization allows the savings and loans company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
Kearny Financial (KRNY) remained flat at $14.15 during midday trading on Friday. The stock had a trading volume of 581,596 shares. The firm has a market capitalization of $1.18 billion, a P/E ratio of 64.03 and a beta of 0.63. The stock’s 50 day moving average price is $14.54 and its 200 day moving average price is $15.03. Kearny Financial has a 12 month low of $12.14 and a 12 month high of $16.10.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 21st. Shareholders of record on Wednesday, June 7th will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend is Monday, June 5th. Kearny Financial’s dividend payout ratio (DPR) is presently 38.10%.
Separately, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $14.50 price objective on shares of Kearny Financial in a research note on Wednesday, April 5th.
COPYRIGHT VIOLATION WARNING: This news story was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this news story on another publication, it was stolen and reposted in violation of United States & international copyright and trademark law. The legal version of this news story can be accessed at https://www.thecerbatgem.com/2017/06/04/stock-buyback-program-initiated-by-kearny-financial-krny-board.html.
In other Kearny Financial news, CFO Eric B. Heyer sold 41,412 shares of the business’s stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $15.38, for a total value of $636,916.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.68% of the stock is currently owned by insiders.
About Kearny Financial
Kearny Bank is principally engaged in the business of attracting deposits from the general public at its 41 locations in New Jersey and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers.
Receive News & Stock Ratings for Kearny Financial Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Kearny Financial and related stocks with our FREE daily email newsletter.