Oritani Financial (ORIT) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Oritani Financial (NASDAQ:ORIT) from a hold rating to a sell rating in a report published 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. “

Several other research firms have also weighed in on ORIT. BidaskClub lowered Oritani Financial from a sell rating to a strong sell rating in a research note on Thursday, September 27th. ValuEngine raised Oritani Financial from a sell rating to a hold rating in a research note on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Oritani Financial presently has a consensus rating of Hold and a consensus price target of $16.50.

Shares of NASDAQ ORIT traded down $0.31 during midday trading on Tuesday, hitting $15.00. The stock had a trading volume of 301,964 shares, compared to its average volume of 244,570. The firm has a market capitalization of $711.89 million, a P/E ratio of 13.04 and a beta of 0.46. Oritani Financial has a 1-year low of $14.24 and a 1-year 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.

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

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Friday, November 9th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.67%. The ex-dividend date is Thursday, November 8th. Oritani Financial’s dividend payout ratio is currently 86.96%.

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

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Oritani Financial by 3.4% during the 3rd quarter. BlackRock Inc. now owns 5,850,064 shares of the bank’s stock worth $90,968,000 after acquiring an additional 191,718 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Oritani Financial by 4.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 643,863 shares of the bank’s stock worth $10,012,000 after acquiring an additional 25,810 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in Oritani Financial during the 3rd quarter worth approximately $155,000. Wells Fargo & Company MN lifted its position in Oritani Financial by 8.1% during the 3rd quarter. Wells Fargo & Company MN now owns 119,169 shares of the bank’s stock worth $1,853,000 after acquiring an additional 8,955 shares in the last quarter. Finally, Sterling Capital Management LLC acquired a new position in Oritani Financial during the 3rd quarter worth approximately $968,000. 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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