Oritani Financial Corp. (NASDAQ:ORIT) Upgraded to Buy at ValuEngine
Oritani Financial Corp. (NASDAQ:ORIT) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Thursday.
Separately, BidaskClub cut shares of Oritani Financial Corp. from a “sell” rating to a “strong sell” rating in a report on Sunday.
Oritani Financial Corp. (ORIT) traded up 0.59% during midday trading on Thursday, reaching $17.00. 187,483 shares of the company traded hands. Oritani Financial Corp. has a 12-month low of $15.35 and a 12-month high of $19.00. The stock has a market capitalization of $740.93 million, a P/E ratio of 13.16 and a beta of 0.34. The company has a 50 day moving average of $17.08 and a 200-day moving average of $17.06.
Oritani Financial Corp. (NASDAQ:ORIT) last posted its quarterly earnings results on Friday, April 28th. The bank reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $48.54 million during the quarter, compared to analysts’ expectations of $27.70 million. Oritani Financial Corp. had a net margin of 33.26% and a return on equity of 10.56%. Equities analysts anticipate that Oritani Financial Corp. will post $1.00 EPS for the current fiscal year.
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In other news, EVP Thomas Guinan sold 59,772 shares of Oritani Financial Corp. stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $16.85, for a total transaction of $1,007,158.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James J. Doyle, Jr. sold 50,000 shares of Oritani Financial Corp. stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $17.29, for a total transaction of $864,500.00. Following the transaction, the director now owns 290,000 shares of the company’s stock, valued at $5,014,100. The disclosure for this sale can be found here. Insiders sold 133,772 shares of company stock valued at $2,276,358 over the last 90 days. Corporate insiders own 15.27% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ORIT. Mason Street Advisors LLC acquired a new position in shares of Oritani Financial Corp. during the second quarter worth about $120,000. State of Alaska Department of Revenue boosted its position in shares of Oritani Financial Corp. by 77.7% in the second quarter. State of Alaska Department of Revenue now owns 7,553 shares of the bank’s stock worth $128,000 after buying an additional 3,303 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Oritani Financial Corp. by 5.3% in the first quarter. BNP Paribas Arbitrage SA now owns 8,063 shares of the bank’s stock worth $137,000 after buying an additional 405 shares in the last quarter. Creative Planning boosted its position in shares of Oritani Financial Corp. by 47.7% in the second quarter. Creative Planning now owns 8,657 shares of the bank’s stock worth $138,000 after buying an additional 2,794 shares in the last quarter. Finally, Gradient Investments LLC acquired a new position in shares of Oritani Financial Corp. during the first quarter worth about $156,000. Hedge funds and other institutional investors own 64.61% of the company’s stock.
About Oritani Financial Corp.
Oritani Financial Corp. is a holding company for Oritani Bank (the Bank). The Bank offers a range of retail and commercial loan and deposit products. The Bank operates in the New Jersey Counties of Bergen, Hudson, Essex and Passaic. The Bank’s loan portfolio includes residential loans, residential commercial real estate loans, credit or grocery retail commercial real estate loans, other commercial real estate loans, and construction and land loans.
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