Oritani Financial (NASDAQ:ORIT) Upgraded by BidaskClub to “Buy”

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

Several other brokerages have also recently issued reports on ORIT. Sandler O’Neill raised shares of Oritani Financial from a hold rating to a buy rating and boosted their price objective for the company from $17.00 to $19.00 in a research note on Thursday, June 27th. Zacks Investment Research raised shares of Oritani Financial from a sell rating to a hold rating in a research note on Wednesday, June 26th. Finally, ValuEngine cut shares of Oritani Financial from a hold rating to a sell rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Oritani Financial currently has a consensus rating of Hold and an average price target of $19.00.

Shares of NASDAQ ORIT opened at $16.96 on Friday. Oritani Financial has a 52-week low of $14.07 and a 52-week high of $18.30. The company’s fifty day moving average is $17.31. The stock has a market cap of $782.64 million, a PE ratio of 14.71 and a beta of 0.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.21 and a quick ratio of 1.22.

Oritani Financial (NASDAQ:ORIT) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Oritani Financial had a net margin of 32.43% and a return on equity of 9.69%. The company had revenue of $25.86 million during the quarter, compared to analysts’ expectations of $25.00 million. On average, sell-side analysts forecast that Oritani Financial will post 1 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 2nd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $1.00 dividend on an annualized basis and a yield of 5.90%. Oritani Financial’s dividend payout ratio (DPR) is 84.75%.

Institutional investors have recently made changes to their positions in the stock. NEXT Financial Group Inc purchased a new stake in Oritani Financial during the 2nd quarter worth $27,000. Versant Capital Management Inc boosted its position in Oritani Financial by 22.6% during the 1st quarter. Versant Capital Management Inc now owns 3,229 shares of the bank’s stock worth $53,000 after purchasing an additional 595 shares during the period. BNP Paribas Arbitrage SA boosted its position in Oritani Financial by 127.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,844 shares of the bank’s stock worth $147,000 after purchasing an additional 4,951 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in Oritani Financial during the 4th quarter worth $169,000. Finally, Metropolitan Life Insurance Co. NY boosted its position in Oritani Financial by 350.8% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 13,060 shares of the bank’s stock worth $193,000 after purchasing an additional 10,163 shares during the period. 67.83% of the stock is owned by hedge funds and other institutional investors.

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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