Kearny Financial dips as Piper Sandler downgrades to 'neutral'

Kearny Financial

06/01/2022 14:55

** Shares of Kearny Financial Corp  KRNY.O  down 3.2% at
$13.15 after Piper Sandler downgrades to "neutral" from
"overweight"
    ** Brokerage says rating cut was warranted due to only
modest near-term upside potential for KRNY 
    ** Says core profitability metrics remain below compared
with peers
    ** KRNY is no longer wildly overcapitalized although it has
some excess capital - Piper 
    ** Brokerage says KRNY could slowdown buybacks as its
tangible common equity, which looks at how much common equity is
supporting a company, has fallen to ~11%
    ** Stock climbed 25.47% last year

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))