Patrick M. Joyce, serving as Executive Vice President and Chief Legal Officer at Kearny Financial Corp. (NASDAQ: KRNY), completed the sale of 2,500 shares of the company's common stock on June 9, 2026. The transaction was executed at prices ranging from $8.45 to $8.46 per share, resulting in total proceeds of $21,148. This divestiture comes as the stock trades near its 52-week high of $8.53, a level reached following a substantial 44% gain over the past year. According to InvestingPro analysis, the stock remains undervalued at current levels, with shares offering a 5.2% dividend yield. The company has maintained dividend payments for 12 consecutive years, one of several key insights available to subscribers.
Following these direct sales, Mr. Joyce holds 51,865 shares of Kearny Financial common stock directly. This total includes restricted stock units that are scheduled to vest at a rate of 33% per year, commencing on August 7, 2024, August 7, 2025, and August 7, 2026. In addition to his direct holdings, Mr. Joyce also holds shares indirectly through various plans. These include 65,015 shares through an Employee Stock Ownership Plan (ESOP), 38,999 shares through a 401(k) plan, and 2,584 shares through a Benefit Equalization Plan (BEP). These indirect holdings reflect transactions not required to be reported under Section 16 of the Securities Exchange Act of 1934. Mr. Joyce also holds 150,000 stock options, which have an exercise price of $15.35 per share. These options became exercisable on December 1, 2017, and are set to expire on December 1, 2026.
In other recent news, Piper Sandler has initiated coverage on Kearny Financial Corp. with an Overweight rating. The firm has set a price target of $9.50, basing this on 0.95 times Kearny Financial's one-year forward tangible book value estimate. This development comes as Kearny Financial continues to manage its $7.6 billion in assets and operates 40 banking locations across New Jersey and the New York metro area. These recent developments highlight Piper Sandler's positive outlook on the bank's financial trajectory.