Kearny Financial Corp. (NASDAQ:KRNY) announced the results of its annual stockholders meeting, which took place on Thursday. The New Jersey-based savings institution, federally chartered under the standard industrial classification code 6035, disclosed the outcomes of several key votes in a recent 8-K filing with the Securities and Exchange Commission.
During the meeting, shareholders voted on the election of directors, the appointment of the company's independent auditor, and an advisory resolution on executive compensation. The company reported that of the 64,579,683 shares outstanding and entitled to vote, 54,395,282 shares were present in person or by proxy.
For the election of directors, John N. Hopkins received 37,784,518 votes for and 8,471,944 votes withheld, with 8,138,820 broker non-votes. Catherine A. Lawton obtained 40,321,932 votes for, 5,934,530 withheld, and the same number of broker non-votes. Craig L. Montanaro garnered 43,924,066 votes for, 2,332,396 withheld, and broker non-votes as mentioned above. Lastly, Leopold W. Montanaro had 39,116,538 votes for, 7,139,924 withheld, and broker non-votes.
The ratification of Crowe LLP as Kearny Financial Corp.'s independent auditor for the fiscal year ending June 30, 2025, was also put to a vote. It passed with 53,414,543 votes for, 544,997 against, and 435,742 abstentions.
Moreover, the advisory, non-binding resolution to approve the company’s executive compensation as described in the Proxy Statement was voted on, resulting in 43,972,924 votes for, 1,998,517 against, and 285,021 abstentions, along with the broker non-votes mentioned previously.
The company's filing did not include any marketing statements or subjective language, focusing solely on the factual outcomes of the stockholders' meeting. It is based on a press release statement filed with the SEC.
InvestingPro Insights
Kearny Financial Corp.'s recent stockholders' meeting results can be viewed alongside some interesting financial metrics from InvestingPro. Despite the company not being profitable over the last twelve months, InvestingPro Tips suggest that net income is expected to grow this year, and analysts predict the company will return to profitability. This aligns with the shareholders' continued support for the current leadership, as evidenced by the voting results for director elections.
The company's financial stability is further underscored by its dividend history. An InvestingPro Tip highlights that Kearny Financial has maintained dividend payments for 10 consecutive years, with a current dividend yield of 5.85%. This consistent return to shareholders may have contributed to the positive vote on executive compensation.
Interestingly, Kearny Financial has seen a significant return over the last week, with a 1-week price total return of 11.41%. This short-term performance is part of a larger trend, as the company has experienced a large price uptick over the last six months, with a 6-month price total return of 40.91%. These positive price movements could reflect investor optimism about the company's future prospects, despite current profitability challenges.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform provides a total of 7 tips for Kearny Financial Corp., offering a deeper understanding of the company's financial position and market performance.
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