Comerica Bank Reduces Position in Oritani Financial Corp. (ORIT)
Comerica Bank lowered its stake in shares of Oritani Financial Corp. (NASDAQ:ORIT) by 5.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,377 shares of the bank’s stock after selling 2,275 shares during the quarter. Comerica Bank owned about 0.10% of Oritani Financial Corp. worth $680,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in ORIT. Vanguard Group Inc. increased its position in Oritani Financial Corp. by 8.1% during the first quarter. Vanguard Group Inc. now owns 3,964,084 shares of the bank’s stock worth $67,390,000 after acquiring an additional 296,772 shares during the period. Renaissance Technologies LLC boosted its stake in Oritani Financial Corp. by 13.0% during the first quarter. Renaissance Technologies LLC now owns 1,690,425 shares of the bank’s stock worth $28,737,000 after buying an additional 195,100 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Oritani Financial Corp. by 6.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,710,712 shares of the bank’s stock worth $46,082,000 after buying an additional 172,780 shares in the last quarter. Citadel Advisors LLC boosted its stake in Oritani Financial Corp. by 781.8% during the first quarter. Citadel Advisors LLC now owns 132,871 shares of the bank’s stock worth $2,259,000 after buying an additional 117,802 shares in the last quarter. Finally, State Street Corp boosted its stake in Oritani Financial Corp. by 10.9% during the first quarter. State Street Corp now owns 1,197,925 shares of the bank’s stock worth $20,363,000 after buying an additional 117,729 shares in the last quarter. 63.77% of the stock is currently owned by institutional investors and hedge funds.
In other Oritani Financial Corp. news, EVP Thomas Guinan sold 25,007 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $16.27, for a total transaction of $406,863.89. Following the transaction, the executive vice president now owns 110,211 shares in the company, valued at approximately $1,793,132.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 119,492 shares of company stock worth $1,943,034 in the last quarter. Company insiders own 15.27% of the company’s stock.
Shares of Oritani Financial Corp. (NASDAQ ORIT) opened at 16.55 on Friday. The firm has a market cap of $725.95 million, a P/E ratio of 15.05 and a beta of 0.33. The firm’s 50-day moving average is $16.08 and its 200-day moving average is $16.68. Oritani Financial Corp. has a 1-year low of $15.30 and a 1-year high of $19.00.
A number of research firms have weighed in on ORIT. Piper Jaffray Companies reiterated a “hold” rating and set a $17.00 price target on shares of Oritani Financial Corp. in a research note on Thursday, August 3rd. ValuEngine downgraded shares of Oritani Financial Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Finally, BidaskClub upgraded shares of Oritani Financial Corp. from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th.
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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