Oritani Financial (ORIT) Downgraded by TheStreet

TheStreet downgraded shares of Oritani Financial (NASDAQ:ORIT) from a b rating to a c+ rating in a research note issued to investors on Tuesday morning.

Other equities research analysts also recently issued research reports about the stock. ValuEngine upgraded shares of Oritani Financial from a sell rating to a hold rating in a research report on Friday, August 17th. BidaskClub downgraded shares of Oritani Financial from a hold rating to a sell rating in a research report on Tuesday, July 17th. Finally, Zacks Investment Research downgraded shares of Oritani Financial from a hold rating to a sell rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Oritani Financial presently has an average rating of Hold and a consensus price target of $16.50.

ORIT stock opened at $15.31 on Tuesday. Oritani Financial has a 12-month low of $14.24 and a 12-month high of $17.70. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.21 and a quick ratio of 1.23. The company has a market capitalization of $704.43 million, a price-to-earnings ratio of 13.31 and a beta of 0.46.

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

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Friday, November 9th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 6.53%. Oritani Financial’s dividend payout ratio (DPR) is 86.96%.

In other news, SVP Philip Wyks sold 7,000 shares of the stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $15.97, for a total transaction of $111,790.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James J. Doyle, Jr. purchased 2,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average price of $14.48 per share, for a total transaction of $28,960.00. The disclosure for this purchase can be found here. Corporate insiders own 10.19% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Oritani Financial by 6.4% during the 2nd quarter. BlackRock Inc. now owns 5,658,346 shares of the bank’s stock worth $91,664,000 after purchasing an additional 337,858 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Oritani Financial by 4.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,524,952 shares of the bank’s stock valued at $57,104,000 after buying an additional 157,030 shares during the last quarter. Renaissance Technologies LLC grew its stake in Oritani Financial by 10.0% in the 2nd quarter. Renaissance Technologies LLC now owns 1,625,667 shares of the bank’s stock valued at $26,336,000 after buying an additional 147,903 shares during the last quarter. Northern Trust Corp grew its stake in Oritani Financial by 2.4% in the 2nd quarter. Northern Trust Corp now owns 797,978 shares of the bank’s stock valued at $12,927,000 after buying an additional 18,794 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Oritani Financial by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 618,053 shares of the bank’s stock valued at $10,013,000 after buying an additional 9,090 shares during the last quarter. Institutional investors own 63.08% 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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