Oritani Financial (ORIT) Cut to Hold at BidaskClub

BidaskClub downgraded shares of Oritani Financial (NASDAQ:ORIT) from a buy rating to a hold rating in a research note published on Saturday.

Other analysts also recently issued research reports about the stock. TheStreet downgraded shares of Oritani Financial from a b rating to a c+ rating in a report on Tuesday, November 6th. ValuEngine raised shares of Oritani Financial from a sell rating to a hold rating in a report on Friday, August 17th. Finally, Zacks Investment Research downgraded shares of Oritani Financial from a hold rating to a sell rating in a report on Tuesday, November 6th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $16.50.

ORIT stock opened at $15.51 on Friday. The stock has a market cap of $709.23 million, a P/E ratio of 13.49 and a beta of 0.47. Oritani Financial has a 52 week low of $14.24 and a 52 week high of $17.60. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.93.

Oritani Financial (NASDAQ:ORIT) last released its quarterly earnings data on Monday, October 29th. The bank reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The company had revenue of $27.12 million for the quarter, compared to analysts’ expectations of $27.50 million. Oritani Financial had a return on equity of 9.57% and a net margin of 28.23%. On average, equities analysts predict that Oritani Financial will post 1.1 earnings per share for the current year.

The firm also recently announced a special dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be given a dividend of $0.15 per share. This represents a yield of 6.57%. The ex-dividend date is Thursday, December 6th. Oritani Financial’s payout ratio is currently 86.96%.

In other Oritani Financial news, Director James J. Doyle, Jr. bought 2,000 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was bought at an average price of $14.48 per share, for a total transaction of $28,960.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Judith Schumacher-Tilton bought 3,000 shares of the business’s stock in a transaction on Monday, November 26th. The shares were acquired at an average price of $15.42 per share, with a total value of $46,260.00. The disclosure for this purchase can be found here. Insiders own 10.19% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Oritani Financial by 3.7% during the third quarter. Vanguard Group Inc. now owns 4,556,313 shares of the bank’s stock worth $70,850,000 after acquiring an additional 163,193 shares during the last quarter. Legal & General Group Plc raised its position in Oritani Financial by 6.1% during the third quarter. Legal & General Group Plc now owns 89,252 shares of the bank’s stock worth $1,385,000 after acquiring an additional 5,122 shares during the last quarter. Nordea Investment Management AB raised its position in Oritani Financial by 45.2% during the third quarter. Nordea Investment Management AB now owns 277,347 shares of the bank’s stock worth $4,313,000 after acquiring an additional 86,319 shares during the last quarter. Teachers Advisors LLC raised its position in Oritani Financial by 0.6% during the third quarter. Teachers Advisors LLC now owns 699,783 shares of the bank’s stock worth $10,882,000 after acquiring an additional 4,189 shares during the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in Oritani Financial by 52.6% during the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 46,100 shares of the bank’s stock worth $717,000 after acquiring an additional 15,900 shares during the last quarter. Institutional investors own 65.93% of the company’s stock.

About Oritani Financial

Oritani Financial Corp. operates as a savings and loan holding company for Oritani Bank that provides various banking services for individual and corporate customers. The company accepts a range of deposit products, such as non-interest and interest-bearing demand and NOW checking accounts, money market deposit accounts, savings accounts, retirement accounts, and time deposits.

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