Sterling Capital Management LLC Takes $968,000 Position in Oritani Financial Corp. (ORIT)
Sterling Capital Management LLC acquired a new position in shares of Oritani Financial Corp. (NASDAQ:ORIT) during the 3rd quarter, Holdings Channel reports. The fund acquired 62,228 shares of the bank’s stock, valued at approximately $968,000.
Other large investors have also bought and sold shares of the company. Nisa Investment Advisors LLC bought a new stake in Oritani Financial during the third quarter worth about $124,000. Acadian Asset Management LLC bought a new stake in Oritani Financial during the third quarter worth about $138,000. Piedmont Investment Advisors LLC bought a new stake in Oritani Financial during the second quarter worth about $150,000. FNY Investment Advisers LLC bought a new stake in Oritani Financial during the third quarter worth about $155,000. Finally, Lyell Wealth Management LP bought a new position in shares of Oritani Financial in the second quarter worth approximately $186,000. 63.08% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on the stock. ValuEngine upgraded shares of Oritani Financial from a “sell” rating to a “hold” rating in a research note on Friday, August 17th. BidaskClub upgraded shares of Oritani Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 18th. Zacks Investment Research downgraded shares of Oritani Financial from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, TheStreet downgraded shares of Oritani Financial from a “b” rating to a “c+” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Oritani Financial currently has an average rating of “Hold” and an average price target of $16.50.
Shares of NASDAQ ORIT opened at $15.00 on Friday. The company has a market capitalization of $711.89 million, a PE ratio of 13.04 and a beta of 0.46. Oritani Financial Corp. has a 52-week low of $14.24 and a 52-week high of $17.70. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.23 and a current ratio of 1.21.
Oritani Financial (NASDAQ:ORIT) last issued its earnings results on Monday, October 29th. The bank reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). The firm had revenue of $27.12 million during the quarter, compared to the consensus estimate of $27.50 million. Oritani Financial had a return on equity of 9.57% and a net margin of 28.23%. On average, research analysts anticipate that Oritani Financial Corp. will post 1.1 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Friday, November 9th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 6.67%. Oritani Financial’s dividend payout ratio is presently 86.96%.
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.
Recommended Story: Fundamental Analysis and Individual Investors
Want to see what other hedge funds are holding ORIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Oritani Financial Corp. (NASDAQ:ORIT).
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.