Oritani Financial Corp. (ORIT) Sees Unusually-High Trading Volume
Shares of Oritani Financial Corp. (NASDAQ:ORIT) saw strong trading volume on Monday . 264,178 shares changed hands during trading, an increase of 153% from the previous session’s volume of 104,282 shares.The stock last traded at $16.03 and had previously closed at $16.29.
Separately, Piper Jaffray Cos. assumed coverage on shares of Oritani Financial Corp. in a research note on Thursday, April 14th. They set a “neutral” rating and a $16.00 target price on the stock.
The stock’s 50-day moving average price is $16.15 and its 200 day moving average price is $16.53. The firm has a market capitalization of $683.83 million and a P/E ratio of 13.28.
Oritani Financial Corp. (NASDAQ:ORIT) last released its quarterly earnings results on Friday, July 29th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.03. Equities analysts anticipate that Oritani Financial Corp. will post $0.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Stockholders of record on Friday, August 5th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Wednesday, August 3rd.
In other news, EVP Thomas Guinan sold 81,582 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $16.76, for a total value of $1,367,314.32. Following the sale, the executive vice president now directly owns 150,256 shares in the company, valued at approximately $2,518,290.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Fields, Jr. sold 23,619 shares of the firm’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $16.53, for a total transaction of $390,422.07. Following the completion of the sale, the chief financial officer now owns 294,620 shares in the company, valued at $4,870,068.60. The disclosure for this sale can be found here.
Other hedge funds have recently added to or reduced their stakes in the company. Matarin Capital Management LLC purchased a new stake in Oritani Financial Corp. during the fourth quarter worth $1,824,000. First Trust Advisors LP boosted its stake in Oritani Financial Corp. by 146.5% in the fourth quarter. First Trust Advisors LP now owns 165,087 shares of the company’s stock worth $2,724,000 after buying an additional 98,123 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Oritani Financial Corp. by 5.5% in the fourth quarter. Principal Financial Group Inc. now owns 453,613 shares of the company’s stock worth $7,484,000 after buying an additional 23,583 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Oritani Financial Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 81,553 shares of the company’s stock valued at $1,346,000 after buying an additional 1,289 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Oritani Financial Corp. by 0.4% in the fourth quarter. Rhumbline Advisers now owns 99,976 shares of the company’s stock valued at $1,650,000 after buying an additional 425 shares during the last quarter.
Oritani Financial Corp. is a holding company for Oritani Bank (the Bank). The Bank’s principal business consists of attracting retail and commercial bank deposits from the public in the areas surrounding its corporate office in the Township of Washington, New Jersey. It invests those deposits, together with funds generated from operations, in commercial real estate loans, one- to four-family residential mortgage loans, as well as in second mortgage and equity loans, and investment securities.
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