Kearny Financial Corp. Announces Authorization of a New Stock Repurchase Plan and Completion of 10% Stock Repurchase Plan
August 01 2022 - 8:30AM
Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the
holding company for Kearny Bank, announced today that the Board of
Directors has authorized a new stock repurchase plan to acquire up
to 4,000,000 shares of the Company’s outstanding common stock. In
conjunction with this announcement, the Company also announced the
completion of its previously disclosed stock repurchase plan which
authorized the repurchase of 7,602,021 shares. Such shares were
repurchased at a cost of $96.8 million, or $12.73 per share.
Repurchases will be made from time to time in
the open market, through block trades, in privately negotiated
stock purchases or pursuant to any trading plan that may be adopted
in accordance with Rule 10b5-1 of the Securities and Exchange
Commission. Such repurchases will be made at management’s
discretion at prices management considers to be attractive and in
the best interests of both the Company and its stockholders,
subject to the availability of stock, general market conditions,
the trading price of the stock, alternative uses for capital, and
the Company’s financial performance. Open market purchases will be
conducted in accordance with the limitations set forth in Rule
10b-18 of the Securities and Exchange Commission and other
applicable legal requirements.
The repurchase program has no expiration date
and may be suspended, terminated or modified at any time for any
reason, including market conditions, the cost of repurchasing
shares, the availability of alternative investment opportunities,
liquidity, and other factors deemed appropriate. These factors may
also affect the timing and amount of share repurchases. The stock
repurchase program does not obligate the Company to purchase any
particular number of shares, and there is no guarantee as to the
exact number of shares to be repurchased by the Company.
About Kearny Financial
Corp.Kearny Financial Corp. is the parent company of
Kearny Bank which operates from its administrative headquarters in
Fairfield, New Jersey, and a total of 45 retail branch offices
located throughout northern and central New Jersey and Brooklyn and
Staten Island, New York. At June 30, 2022, Kearny Financial Corp.
had approximately $7.7 billion in total assets.
Statements contained in this news release that
are not historical facts are forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents
filed by the Company with the Securities and Exchange Commission
from time to time. The Company does not undertake and specifically
disclaims any obligation to update any forward-looking statement,
whether written or oral, that may be made from time to time by or
on behalf of the Company.
In addition, the COVID-19 pandemic has had, and
may continue to have, an adverse impact on the Company, its clients
and the communities it serves. Given its ongoing and dynamic
nature, it is difficult to predict the full impact of the COVID-19
pandemic on our business.
For further information contact:Craig L.
Montanaro, President and Chief Executive Officer, orKeith
Suchodolski, Senior Executive Vice President and Chief Financial
OfficerKearny Financial Corp.(973) 244-4500
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