Benzinga | Oct 19, 2020 02:48PM EDT

Why Kearny Financial's Stock Is Trading Higher

Kearny Financial (NASDAQ:KRNY) shares are trading higher on Monday after the company announced the resumption of its current stock repurchase plan and approval of a new 5% stock repurchase plan.

Kearny Financial is a Maryland holding company for Kearny Bank, a federally-chartered stock savings bank. The bank is engaged in the business of attracting deposits from the general public in New Jersey and New York, and using these deposits, together with other funds, to originate or purchase loans for its portfolios and invest in securities. The bank's loan portfolio is chiefly comprised of loans collateralized by commercial and residential real estate. It is also heavily into secured and unsecured business and consumer loans. The bank's primary source of income is net interest income.

Kearny Financial shares traded up 4.36% to $8.38 on Monday. The stock has a 52-week high of $14.40 and a 52-week low of $6.91.