Oritani Financial (ORIT) Lifted to Hold at BidaskClub

BidaskClub upgraded shares of Oritani Financial (NASDAQ:ORIT) from a sell rating to a hold rating in a report released on Saturday, BidAskClub reports.

A number of other research firms have also recently issued reports on ORIT. TheStreet upgraded Oritani Financial from a c+ rating to a b rating in a report on Thursday, January 24th. Zacks Investment Research cut Oritani Financial from a buy rating to a hold rating in a report on Tuesday, April 2nd.

ORIT opened at $17.35 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.21 and a quick ratio of 1.21. Oritani Financial has a 12 month low of $14.07 and a 12 month high of $18.01. The firm has a market capitalization of $776.90 million, a P/E ratio of 15.09 and a beta of 0.62.

Oritani Financial (NASDAQ:ORIT) last released its quarterly earnings data on Thursday, January 24th. The bank reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.05. Oritani Financial had a net margin of 33.81% and a return on equity of 9.76%. The business had revenue of $27.67 million during the quarter, compared to analysts’ expectations of $26.20 million. As a group, sell-side analysts forecast that Oritani Financial will post 1.16 earnings per share for the current fiscal year.

In other Oritani Financial news, insider Ann Jetton sold 16,000 shares of the stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $17.95, for a total transaction of $287,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin J. Lynch sold 37,959 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $17.26, for a total value of $655,172.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,213 shares of company stock valued at $1,264,156. Corporate insiders own 10.19% of the company’s stock.

Several institutional investors have recently bought and sold shares of ORIT. Wells Fargo & Company MN boosted its stake in shares of Oritani Financial by 8.1% during the 3rd quarter. Wells Fargo & Company MN now owns 119,169 shares of the bank’s stock worth $1,853,000 after buying an additional 8,955 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Oritani Financial by 4.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 643,863 shares of the bank’s stock worth $10,012,000 after buying an additional 25,810 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Oritani Financial by 3.4% during the 3rd quarter. BlackRock Inc. now owns 5,850,064 shares of the bank’s stock worth $90,968,000 after buying an additional 191,718 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Oritani Financial by 5.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,700,298 shares of the bank’s stock worth $57,539,000 after buying an additional 175,346 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Oritani Financial by 5.8% during the 3rd quarter. Renaissance Technologies LLC now owns 1,720,300 shares of the bank’s stock worth $26,751,000 after buying an additional 94,633 shares during the last quarter. Institutional investors own 66.89% 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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