Oritani Financial (NASDAQ:ORIT) Rating Increased to Hold at BidaskClub

BidaskClub upgraded shares of Oritani Financial (NASDAQ:ORIT) from a sell rating to a hold rating in a research note published on Saturday, April 13th, BidAskClub reports.

ORIT has been the subject of a number of other reports. TheStreet raised Oritani Financial from a c+ rating to a b rating in a report on Thursday, January 24th. Zacks Investment Research lowered Oritani Financial from a buy rating to a hold rating in a report on Tuesday, April 2nd.

NASDAQ ORIT traded up $0.29 on Friday, hitting $17.35. 166,947 shares of the stock traded hands, compared to its average volume of 204,966. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $780.51 million, a P/E ratio of 15.09 and a beta of 0.63. Oritani Financial has a twelve month low of $14.07 and a twelve month high of $18.01.

Oritani Financial (NASDAQ:ORIT) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). Oritani Financial had a return on equity of 9.68% and a net margin of 33.03%. The company had revenue of $25.20 million for the quarter, compared to analyst estimates of $26.00 million. On average, analysts anticipate that Oritani Financial will post 1.14 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 3rd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Thursday, May 2nd. Oritani Financial’s payout ratio is currently 86.96%.

In related news, Director Judith Schumacher-Tilton acquired 5,000 shares of Oritani Financial stock in a transaction dated Friday, April 26th. The stock was acquired at an average cost of $17.03 per share, with a total value of $85,150.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ann Jetton sold 16,000 shares of the firm’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $17.95, for a total value of $287,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,213 shares of company stock valued at $1,264,156. 10.19% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System lifted its holdings in shares of Oritani Financial by 5.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 57,481 shares of the bank’s stock valued at $956,000 after purchasing an additional 3,012 shares in the last quarter. Texas Permanent School Fund raised its holdings in shares of Oritani Financial by 2.6% during the first quarter. Texas Permanent School Fund now owns 25,963 shares of the bank’s stock worth $432,000 after acquiring an additional 658 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Oritani Financial by 237.2% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,204,950 shares of the bank’s stock worth $20,040,000 after acquiring an additional 847,565 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Oritani Financial by 138.8% during the first quarter. SG Americas Securities LLC now owns 17,170 shares of the bank’s stock worth $286,000 after acquiring an additional 9,981 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Oritani Financial during the first quarter worth $707,000. Institutional investors own 66.94% of the company’s stock.

Oritani Financial Company Profile

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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