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10 Well-Run, Profitable Banks (Update 3)


3. Oritani Financial Corp.

Shares of Oritani Financial Corp. (ORIT) of the Township of Washington, N.J., closed at $12.77 Friday, returning 8% during 2011. Based on a quarterly payout of 12.5 cents, the shares have a dividend yield of 3.92%.

The company's third-quarter efficiency ratio was 34.77, according to SNL Financial.

Oritani announced on Nov. 14 that its board of directors had completed its second share repurchase program, and authorized a new program to repurchase up to 2,278,776, or another 5% of its common shares.

Third-quarter net income was $7.3 million, or 15 cents a share, increasing from $7.2 million, or 14 cents a share, a year earlier. The third-quarter ROA was 1.14%, according to SNL.

Sterne Agee analyst Mike Shafir in October downgraded Oritani's shares to a neutral rating, "based exclusively on valuation," relative to peers. While the analyst said the premium was "warranted due to Oritani's superior profitability," he didn't "see near-term multiple expansion in the current operating environment." Shafir estimates the company will earn 61 cents a share in 2012.

The shares trade for 22 times the consensus 2012 EPS estimate of 59 cents, among analysts polled by FactSet, and for 1.1 times their Sept. 30 tangible book value of $11.12, according to SNL Financial.

The four analysts covering Oritani Financial Corp. are evenly split between buy ratings and neutral ratings.

Interested in more on Oritani Financial Corp.? See TheStreet Ratings' report card for this stock.

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