Kearny Financial Corp. director buys $29.7k in company stock

In a recent move that might pique the interest of Kearny Financial Corp. (NASDAQ:KRNY) investors, Charles J. Pivirotto, a member of the company's board of directors, has acquired additional shares of the company. As per the latest filings, Pivirotto purchased 5,160 shares at an average weighted price ranging from $5.75 to $5.78 per share, amounting to a total investment of approximately $29,738.

The transaction, which took place on May 13, 2024, increased Pivirotto's direct holdings in the company to 59,573 shares. Additionally, it's worth noting that Pivirotto also has an indirect stake in the company through a 401(k) plan, with 5,955 shares held in this manner.

The purchase by Pivirotto demonstrates a commitment to the company and may be seen as a positive sign by the market. The price range for this acquisition was specifically reported as a weighted average price, providing transparency regarding the purchase prices.

Kearny Financial Corp., a federally chartered savings institution, has not disclosed any further details regarding the transaction. The company, which is based in Fairfield, New Jersey, has a standard industrial classification as a savings institution.

Investors and followers of Kearny Financial Corp. will likely keep a close watch on any further insider transactions, as they can often provide valuable insights into the company's prospects and the confidence level of its top executives and directors.

InvestingPro Insights

Following Charles J. Pivirotto's recent share purchase, investors looking at Kearny Financial Corp. (NASDAQ:KRNY) may also consider the latest financial metrics and analyst insights to better understand the company's position. According to InvestingPro data, Kearny Financial Corp. has a market capitalization of $373.38 million and a Price/Earnings (P/E) ratio of 24.47, which adjusts to 23.95 when looking at the last twelve months as of Q3 2024. This suggests that investors are willing to pay a moderate amount for each dollar of earnings, which could be a sign of the market's expectations for future growth.

However, it's notable that the company has experienced a revenue decline of 21.08% over the last twelve months as of Q3 2024, which aligns with analysts' anticipation of a sales decline in the current year. Despite this, Kearny Financial Corp. has maintained its dividend payments for 10 consecutive years, offering a substantial dividend yield of 7.79% as of the last reported date, which is significantly higher than the average for the industry. This level of commitment to returning value to shareholders is particularly attractive to income-focused investors.

Two InvestingPro Tips that are pertinent to the discussion are the analysts' expectation that Kearny Financial Corp. will remain profitable this year and the fact that the stock has seen a substantial price decline over the last three months, at -15.55%, and over the last six months, at -25.27%. These tips suggest that while the company is navigating through challenging times with a decline in sales and net income, its profitability and long-term commitment to dividends could be factors that might interest long-term investors.

For investors seeking further insights, InvestingPro offers additional tips on Kearny Financial Corp. and other companies. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a comprehensive list of tips that can help in making more informed investment decisions. There are currently 8 additional InvestingPro Tips available for Kearny Financial Corp., which can be found at https://www.investing.com/pro/KRNY.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.