Oritani Financial (NASDAQ:ORIT) Raised to Buy at BidaskClub

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

A number of other research analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Oritani Financial from a sell rating to a hold rating in a research note on Wednesday, June 26th. Sandler O’Neill upgraded shares of Oritani Financial from a hold rating to a buy rating and lifted their target price for the company from $17.00 to $19.00 in a research note on Thursday, June 27th. Finally, ValuEngine cut shares of Oritani Financial from a hold rating to a sell rating in a research note on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Oritani Financial has an average rating of Hold and a consensus price target of $19.00.

ORIT traded down $0.35 during midday trading on Friday, reaching $17.01. 4,934 shares of the company’s stock were exchanged, compared to its average volume of 256,101. The company has a market cap of $782.64 million, a price-to-earnings ratio of 14.71 and a beta of 0.70. The company has a quick ratio of 1.22, a current ratio of 1.21 and a debt-to-equity ratio of 0.99. Oritani Financial has a one year low of $14.07 and a one year high of $18.30. The company’s 50-day moving average is $17.25.

Oritani Financial (NASDAQ:ORIT) last announced its quarterly 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 firm had revenue of $25.86 million during the quarter, compared to analysts’ expectations of $25.00 million. Analysts predict that Oritani Financial will post 1 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 2nd will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.88%. The ex-dividend date is Thursday, August 1st. Oritani Financial’s dividend payout ratio (DPR) is presently 84.75%.

A number of hedge funds have recently bought and sold shares of ORIT. Bank of New York Mellon Corp grew its holdings in shares of Oritani Financial by 1.6% in 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 during the period. Geode Capital Management LLC grew its holdings in shares of Oritani Financial by 5.1% in 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 during the period. D. E. Shaw & Co. Inc. acquired a new position in shares of Oritani Financial in the 4th quarter valued at $169,000. Metropolitan Life Insurance Co. NY grew its holdings in shares of Oritani Financial by 350.8% in 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 during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of Oritani Financial in the 4th quarter valued at $249,000. Hedge funds and other institutional investors own 67.83% 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.

Further Reading: Short Selling Stocks, A Beginner’s Guide

Receive News & Ratings for Oritani Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Oritani Financial and related companies with MarketBeat.com's FREE daily email newsletter.