Oritani Financial Corp.’s (NASDAQ:ORIT) Hold Rating Reiterated at Piper Jaffray Companies
Piper Jaffray Companies reissued their hold rating on shares of Oritani Financial Corp. (NASDAQ:ORIT) in a research report sent to investors on Thursday morning. The firm currently has a $17.00 target price on the bank’s stock.
A number of other analysts have also issued reports on the company. ValuEngine lowered Oritani Financial Corp. from a buy rating to a hold rating in a research note on Friday, June 2nd. BidaskClub lowered Oritani Financial Corp. from a sell rating to a strong sell rating in a research note on Sunday, July 16th.
Oritani Financial Corp. (NASDAQ ORIT) traded up 0.61% on Thursday, hitting $16.50. The stock had a trading volume of 155,214 shares. The company has a market cap of $681.43 million, a PE ratio of 15.00 and a beta of 0.33. Oritani Financial Corp. has a 12 month low of $15.35 and a 12 month high of $19.00. The company has a 50-day moving average of $17.04 and a 200 day moving average of $16.97.
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The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Thursday, August 3rd. Oritani Financial Corp.’s dividend payout ratio is presently 63.64%.
In other Oritani Financial Corp. news, EVP Thomas Guinan sold 59,772 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $16.85, for a total transaction of $1,007,158.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Philip Wyks sold 10,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $16.67, for a total value of $166,700.00. Following the transaction, the senior vice president now directly owns 26,698 shares in the company, valued at approximately $445,055.66. The disclosure for this sale can be found here. Insiders have sold 133,772 shares of company stock worth $2,276,358 in the last three months. 15.27% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its position in Oritani Financial Corp. by 5.3% in the first quarter. BNP Paribas Arbitrage SA now owns 8,063 shares of the bank’s stock worth $137,000 after buying an additional 405 shares during the period. Bank of New York Mellon Corp raised its position in Oritani Financial Corp. by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 658,793 shares of the bank’s stock worth $11,199,000 after buying an additional 14,414 shares during the period. Princeton Alpha Management LP bought a new position in Oritani Financial Corp. during the first quarter worth $288,000. First Trust Advisors LP raised its position in Oritani Financial Corp. by 11.0% in the first quarter. First Trust Advisors LP now owns 84,723 shares of the bank’s stock worth $1,440,000 after buying an additional 8,384 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in Oritani Financial Corp. by 4.7% in the first quarter. Great West Life Assurance Co. Can now owns 51,867 shares of the bank’s stock worth $879,000 after buying an additional 2,330 shares during the period. 64.34% of the stock is currently owned by institutional investors.
Oritani Financial Corp. Company Profile
Oritani Financial Corp. is a holding company for Oritani Bank (the Bank). The Bank offers a range of retail and commercial loan and deposit products. The Bank operates in the New Jersey Counties of Bergen, Hudson, Essex and Passaic. The Bank’s loan portfolio includes residential loans, residential commercial real estate loans, credit or grocery retail commercial real estate loans, other commercial real estate loans, and construction and land loans.
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