Kearny Financial Corp. (NASDAQ:KRNY) director Melvina Wong-Zaza has recently made a significant purchase of the company's common stock, according to a new SEC filing. On May 21, 2024, Wong-Zaza acquired 8,340 shares at a price of $5.95 per share, totaling approximately $49,623.
The transaction indicates a vote of confidence in the financial institution, with Wong-Zaza increasing her stake in the company's shares. Following this purchase, Wong-Zaza now owns a total of 14,935 shares in Kearny Financial Corp., a federally chartered savings institution.
Investors often look to insider buying as a positive signal that company executives believe in the firm's future prospects. Wong-Zaza's acquisition comes as a notable investment, considering the size of the transaction and the direct ownership of the shares.
The company, headquartered in Fairfield, NJ, operates under the standard industrial classification of savings institutions, federally chartered. This latest transaction has been publicly disclosed as per regulatory requirements and provides transparency into the actions of Kearny Financial's directors.
Shareholders and potential investors in Kearny Financial Corp. can stay informed of insider transactions, which are required to be reported through SEC filings. These filings offer insights into the moves made by company insiders, adding a layer of information beyond standard financial reports and news releases.
InvestingPro Insights
In light of the recent insider purchase by director Melvina Wong-Zaza, Kearny Financial Corp. (NASDAQ:KRNY) appears to be a point of interest for investors seeking clues about the company's future. The transaction, while signaling confidence from within, also warrants a look at the broader financial metrics and forecasts that can influence investment decisions.
With a market capitalization of $371.51 million, Kearny Financial Corp. is navigating through challenges, as indicated by a notable revenue decline of 21.4% over the last twelve months as of Q3 2024. The company's P/E ratio stands at 24.39, reflecting investor sentiment about its earnings capacity. Despite the revenue downturn, the financial institution has maintained a robust dividend yield of 7.35%, demonstrating its commitment to returning value to shareholders.
An InvestingPro Tip for potential investors is the company's significant dividend payments, which have been consistent over the past 10 years. This could be a critical factor for income-focused portfolios. Additionally, while analysts expect a sales decline in the current year, they also predict Kearny Financial will remain profitable, with a history of profitability over the last twelve months.
For those interested in further analysis and additional InvestingPro Tips, there are currently 6 more tips available on InvestingPro. These insights could provide a deeper understanding of Kearny Financial's financial health and future prospects. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As shareholders and potential investors consider the implications of insider transactions, these metrics and tips from InvestingPro offer a more comprehensive view of Kearny Financial's performance and outlook.
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