Oritani Financial (NASDAQ:ORIT) Stock Rating Upgraded by BidaskClub

Oritani Financial (NASDAQ:ORIT) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday, BidAskClub reports.

ORIT has been the topic of several other research reports. Sandler O’Neill upgraded shares of Oritani Financial from a “hold” rating to a “buy” rating and raised their target price for the stock from $17.00 to $19.00 in a report on Thursday, June 27th. Zacks Investment Research upgraded shares of Oritani Financial from a “sell” rating to a “hold” rating in a report on Wednesday, June 26th. Finally, ValuEngine cut shares of Oritani Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Oritani Financial has an average rating of “Hold” and an average price target of $19.00.

Shares of ORIT stock traded up $0.24 during trading hours on Thursday, hitting $18.46. 209,102 shares of the company’s stock were exchanged, compared to its average volume of 209,748. The company has a market capitalization of $821.27 million, a PE ratio of 15.64 and a beta of 0.69. Oritani Financial has a 12-month low of $14.07 and a 12-month high of $18.55. The business’s 50 day simple moving average is $17.64 and its 200-day simple moving average is $17.14. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.99.

Oritani Financial (NASDAQ:ORIT) last posted its quarterly earnings results on Tuesday, July 23rd. The bank reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Oritani Financial had a net margin of 32.43% and a return on equity of 9.69%. The firm had revenue of $25.86 million for the quarter, compared to the consensus estimate of $25.00 million.

Several institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new position in shares of Oritani Financial in the third quarter worth approximately $2,355,000. Denali Advisors LLC grew its holdings in shares of Oritani Financial by 130.2% in the third quarter. Denali Advisors LLC now owns 117,400 shares of the bank’s stock worth $2,077,000 after purchasing an additional 66,400 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Oritani Financial by 125.7% in the third quarter. State of Alaska Department of Revenue now owns 29,451 shares of the bank’s stock worth $521,000 after purchasing an additional 16,400 shares during the last quarter. Macquarie Group Ltd. bought a new position in shares of Oritani Financial in the second quarter worth approximately $289,000. Finally, United Services Automobile Association bought a new position in shares of Oritani Financial in the second quarter worth approximately $357,000. Hedge funds and other institutional investors own 69.16% of the company’s stock.

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.

Further Reading: What are the reasons investors use put options?

Receive News & Ratings for Oritani Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Oritani Financial and related companies with MarketBeat.com's FREE daily email newsletter.