Oritani Financial (NASDAQ:ORIT) Upgraded to Buy by BidaskClub

BidaskClub upgraded shares of Oritani Financial (NASDAQ:ORIT) from a hold rating to a buy rating in a research report report published on Friday, BidAskClub reports.

Other equities research analysts have also recently issued research reports about the stock. Sandler O’Neill upgraded shares of Oritani Financial from a hold rating to a buy rating and raised their target price for the stock from $17.00 to $19.00 in a research note on Thursday, June 27th. Zacks Investment Research raised shares of Oritani Financial from a sell rating to a hold rating in a report on Wednesday, June 26th. Finally, ValuEngine lowered shares of Oritani Financial from a hold rating to a sell rating in a report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. Oritani Financial currently has an average rating of Hold and an average target price of $19.00.

NASDAQ ORIT traded down $0.34 on Friday, reaching $17.36. 128,545 shares of the stock were exchanged, compared to its average volume of 242,692. Oritani Financial has a one year low of $14.07 and a one year high of $18.30. The firm has a market cap of $816.00 million, a price-to-earnings ratio of 14.71 and a beta of 0.70. The firm’s 50-day moving average price is $17.25. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.21 and a quick ratio of 1.22.

Oritani Financial (NASDAQ:ORIT) last released its earnings results on Tuesday, July 23rd. The bank reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Oritani Financial had a net margin of 32.43% and a return on equity of 9.69%. The company had revenue of $25.86 million for the quarter, compared to analysts’ expectations of $25.00 million. As a group, research analysts predict that Oritani Financial will post 1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be issued 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, August 1st. Oritani Financial’s dividend payout ratio (DPR) is currently 84.75%.

A number of institutional investors and hedge funds have recently made changes to their positions in ORIT. Bank of New York Mellon Corp grew its holdings in Oritani Financial by 1.6% during the 4th quarter. Bank of New York Mellon Corp now owns 654,178 shares of the bank’s stock valued at $9,649,000 after buying an additional 10,315 shares in the last quarter. Geode Capital Management LLC grew its holdings in Oritani Financial by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 493,295 shares of the bank’s stock valued at $7,276,000 after buying an additional 24,144 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in Oritani Financial during the 4th quarter valued at approximately $169,000. Metropolitan Life Insurance Co. NY grew its holdings in Oritani Financial by 350.8% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 13,060 shares of the bank’s stock valued at $193,000 after buying an additional 10,163 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in Oritani Financial during the 4th quarter valued at approximately $249,000. 67.74% of the stock is owned by institutional investors and hedge funds.

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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