Oritani Financial (ORIT) Downgraded by Zacks Investment Research

Oritani Financial (NASDAQ:ORIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Oritani Financial Corp. is the holding company for Oritani Savings Bank, a savings bank offering a full range of retail and commercial loan and deposit products. The Bank currently operates its main office and eighteen full service branches in the New Jersey Counties of Bergen, Hudson and Passaic. “

ORIT has been the topic of several other reports. ValuEngine cut shares of Oritani Financial from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. BidaskClub cut shares of Oritani Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 27th.

ORIT opened at $14.83 on Tuesday. Oritani Financial has a one year low of $14.24 and a one year high of $17.70. The company has a current ratio of 1.21, a quick ratio of 1.23 and a debt-to-equity ratio of 0.93. The company has a market cap of $692.77 million, a PE ratio of 12.90 and a beta of 0.46.

Oritani Financial (NASDAQ:ORIT) last released its quarterly earnings results on Monday, October 29th. The bank reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.02). Oritani Financial had a net margin of 28.23% and a return on equity of 9.57%. The company had revenue of $27.12 million for the quarter, compared to the consensus estimate of $27.50 million. As a group, equities analysts anticipate that Oritani Financial will post 1.1 EPS for the current fiscal year.

In other Oritani Financial news, Director James J. Doyle, Jr. acquired 2,000 shares of Oritani Financial stock in a transaction on Thursday, November 1st. The shares were purchased at an average cost of $14.48 per share, with a total value of $28,960.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Philip Wyks sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $15.97, for a total transaction of $111,790.00. The disclosure for this sale can be found here. 10.19% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its stake in Oritani Financial by 8.1% in the third quarter. Wells Fargo & Company MN now owns 119,169 shares of the bank’s stock valued at $1,853,000 after acquiring an additional 8,955 shares during the last quarter. Sterling Capital Management LLC bought a new position in Oritani Financial in the third quarter valued at approximately $968,000. Robeco Institutional Asset Management B.V. boosted its stake in Oritani Financial by 11.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 357,385 shares of the bank’s stock valued at $5,558,000 after acquiring an additional 37,058 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Oritani Financial during the third quarter worth $138,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Oritani Financial during the third quarter worth $155,000. 63.08% of the stock is currently owned by hedge funds and other institutional investors.

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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