Oritani Financial (NASDAQ:ORIT) Shares Up 5.2%

Oritani Financial Corp. (NASDAQ:ORIT) shot up 5.2% during mid-day trading on Thursday . The stock traded as high as $17.43 and last traded at $17.38. 800,950 shares were traded during mid-day trading, an increase of 274% from the average session volume of 214,013 shares. The stock had previously closed at $16.52.

ORIT has been the topic of a number of analyst reports. Sandler O’Neill raised shares of Oritani Financial from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $17.00 to $19.00 in a report on Thursday. Zacks Investment Research raised shares of Oritani Financial from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, BidaskClub raised shares of Oritani Financial from a “sell” rating to a “hold” rating in a report on Saturday, April 13th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $19.00.

The firm has a 50-day moving average price of $16.38. The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $783.54 million, a PE ratio of 14.60 and a beta of 0.65.

Oritani Financial (NASDAQ:ORIT) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). Oritani Financial had a return on equity of 9.68% and a net margin of 33.03%. The company had revenue of $25.20 million during the quarter, compared to analysts’ expectations of $26.00 million. On average, equities research analysts anticipate that Oritani Financial Corp. will post 1.14 EPS for the current fiscal year.

In related news, Director Judith Schumacher-Tilton bought 5,000 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was purchased at an average cost of $17.03 per share, with a total value of $85,150.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 10.19% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its stake 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 in the last quarter. BNP Paribas Arbitrage SA lifted its holdings 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 buying an additional 4,951 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new stake in Oritani Financial during the 4th quarter worth about $169,000. Brinker Capital Inc. purchased a new stake in Oritani Financial during the 1st quarter worth about $203,000. Finally, Metropolitan Life Insurance Co. NY lifted its holdings 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 buying an additional 10,163 shares during the last quarter. 67.91% of the stock is owned by hedge funds and other institutional investors.

Oritani Financial Company Profile (NASDAQ:ORIT)

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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