Overview
Kearny Financial Q1 net income rises to $9.5 mln, up from $6.8 mln in prior qtr
Net interest income increased 5.2% to $37.7 mln, driven by margin expansion
Outlook
Kearny Financial anticipates benefits from expected reductions in the federal funds rate
Company focuses on enhancing efficiency through automation and branch consolidations
Result Drivers
MARGIN EXPANSION - Net interest margin expanded by 10 basis points, contributing to a 36% increase in EPS
AUTOMATION PARTNERSHIP - Partnership with The Lab Consulting aims to enhance operational efficiency through automation
BRANCH CONSOLIDATION - Company consolidating branches to reallocate capital towards higher-return opportunities
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 EPS | $0.15 | ||
Q1 Net Income | $9.50 mln | ||
Q1 Net Interest Income | $37.70 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Kearny Financial Corp is $7.25, about 7.4% above its October 21 closing price of $6.71
Press Release: ID:nGNX3gtyvm
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)