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

Zacks Investment Research lowered shares of Oritani Financial (NASDAQ:ORIT) from a hold rating to a sell rating in a research note 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. “

A number of other equities research analysts also recently weighed in on the company. BidaskClub downgraded Oritani Financial from a hold rating to a sell rating in a report on Thursday, August 30th. ValuEngine downgraded Oritani Financial from a hold rating to a sell rating in a report on Thursday, September 27th. 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. The stock has an average rating of Hold and a consensus target price of $16.50.

ORIT stock traded down $0.31 during midday trading on Tuesday, hitting $15.00. 301,964 shares of the company’s stock were exchanged, compared to its average volume of 244,570. The company has a quick ratio of 1.23, a current ratio of 1.21 and a debt-to-equity ratio of 0.93. Oritani Financial has a 12-month low of $14.24 and a 12-month high of $17.70. The company has a market capitalization of $711.89 million, a PE ratio of 13.04 and a beta of 0.46.

Oritani Financial (NASDAQ:ORIT) last issued its quarterly earnings results on Monday, October 29th. The bank reported $0.27 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $27.12 million during the quarter, compared to the consensus estimate of $27.50 million. As a group, sell-side analysts anticipate that Oritani Financial will post 1.1 EPS for the current year.

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

In other news, Director James J. Doyle, Jr. purchased 2,000 shares of the stock in a transaction dated Thursday, November 1st. The stock was acquired at an average cost of $14.48 per share, for a total transaction of $28,960.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Philip Wyks sold 7,000 shares of the business’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 value of $111,790.00. The disclosure for this sale can be found here. 10.19% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC acquired a new position in Oritani Financial during the 3rd quarter valued at approximately $124,000. Acadian Asset Management LLC acquired a new position in Oritani Financial during the 3rd quarter valued at approximately $138,000. Piedmont Investment Advisors LLC acquired a new position in Oritani Financial during the 2nd quarter valued at approximately $150,000. FNY Investment Advisers LLC acquired a new position in Oritani Financial during the 3rd quarter valued at approximately $155,000. Finally, Lyell Wealth Management LP acquired a new position in Oritani Financial during the 2nd quarter valued at approximately $186,000. Institutional investors and hedge funds 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.

Read More: Analyzing a company’s cash flow statement

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