KRNY Cash-Secured Put Strategy
KRNY (Kearny Financial Corp.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Kearny Financial Corp. operates as the holding company for Kearny Bank that provides various banking products and services in the United States. The company offers various deposit products, including interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts, and certificates of deposit accounts. It also provides various loans, such as multi-family and nonresidential real estate mortgage loans, commercial term loans and lines of credit, one- to four-family first mortgage loans, and home equity loans and lines of credit; loans to individuals for the construction or renovation of one- to four-family residences, or for the construction of commercial real estate or multi-family residential buildings; overdraft lines of credit; and personal loans. In addition, the company engages in investment activities. As of August 18, 2021, it operated a total of 48 branch offices located throughout northern and central New Jersey and Brooklyn and Staten Island, New York. The company was founded in 1884 and is headquartered in Fairfield, New Jersey.
KRNY (Kearny Financial Corp.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $496.5M, a trailing P/E of 13.84, a beta of 0.63 versus the broader market, a 52-week range of 5.76-8.5, average daily share volume of 322K, a public-listing history dating back to 2005, approximately 552 full-time employees. These structural characteristics shape how KRNY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.63 indicates KRNY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. KRNY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on KRNY?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current KRNY snapshot
As of May 14, 2026, spot at $7.99, ATM IV 262.50%, IV rank 100.00%, expected move 75.26%. The cash-secured put on KRNY below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on KRNY specifically: KRNY IV at 262.50% is rich versus its 1-year range, which favors premium-selling structures like a KRNY cash-secured put, with a market-implied 1-standard-deviation move of approximately 75.26% (roughly $6.01 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KRNY expiries trade a higher absolute premium for lower per-day decay. Position sizing on KRNY should anchor to the underlying notional of $7.99 per share and to the trader's directional view on KRNY stock.
KRNY cash-secured put setup
The KRNY cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With KRNY near $7.99, the first option leg uses a $7.59 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KRNY chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 KRNY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $7.59 | N/A |
KRNY cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
KRNY cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on KRNY. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on KRNY
Cash-secured puts on KRNY earn premium while a trader waits to acquire KRNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning KRNY.
KRNY thesis for this cash-secured put
The market-implied 1-standard-deviation range for KRNY extends from approximately $1.98 on the downside to $14.00 on the upside. A KRNY cash-secured put lets a trader earn premium while waiting to acquire KRNY at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current KRNY IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on KRNY at 262.50%. As a Financial Services name, KRNY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KRNY-specific events.
KRNY cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. KRNY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KRNY alongside the broader basket even when KRNY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on KRNY carry tail risk when realized volatility exceeds the implied move; review historical KRNY earnings reactions and macro stress periods before sizing. Always rebuild the position from current KRNY chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on KRNY?
- A cash-secured put on KRNY is the cash-secured put strategy applied to KRNY (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With KRNY stock trading near $7.99, the strikes shown on this page are snapped to the nearest listed KRNY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KRNY cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the KRNY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 262.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a KRNY cash-secured put?
- The breakeven for the KRNY cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current KRNY market-implied 1-standard-deviation expected move is approximately 75.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on KRNY?
- Cash-secured puts on KRNY earn premium while a trader waits to acquire KRNY stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning KRNY.
- How does current KRNY implied volatility affect this cash-secured put?
- KRNY ATM IV is at 262.50% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.