Oritani Financial - ORIT - added

Forget Citi and all the other big banks.  Let's buy some small banks that know their customers and know their local markets. Oritani Financial Corp.(ORIT) is the holding company for Oritani Savings Bank, a savings bank offering a full range of retail and commercial loan and deposit products. The Bank currently operates its main office and 21 full service branches in the New Jersey Counties of Bergen, Hudson and Passaic.

I'm adding this stock to the Barchart Van Meerten New High portfolio.  I've always liked bank stock but can't see the gamble a lot of investors are taking waiting for the banking big shots to get their acts together.

ORIT has a 100% Barchart technical buy signal.  The price hit 17 new highs and is up 12.78% in the last month.  The stock trades around 11.19 which is 16.39% above it's 50 day moving average of 10.13.   Notice that the Relative Strength Index is 83.95% and rising.

Wall Street brokerages are beginning to follow this bank and 3 have buy recommendations published based on improving revenue and earnings.  They forecast increases in revenue of 20.20% this year and 17.30% next year, Earnings estimates are also positive with an expected increase of 12.50% this year, 26.70% next year and projected to better 5.00% for at least 5 years.

I like this stock because:

• The banking sector is essential to the economy
• It is a local back who know its customers and knows its market
• The stock has positive price trends
• Wall Street is beginning to notice it and is pushing it to its clients.

Jim Van Meerten is an advisor to Marketocracy Capital Management who uses his model portfolios not only to manage their mutual funds but also their clients Separately Managed Accounts. You can read his blogs about those model portfolios and investing here and on Barchart Portfolio Blogs. Please leave a comment below or email JimVanMeerten@gmail.com.

Disclosure: Jim Van Meerten through Marketocracy Capital Management has an interest in the stocks mentioned in this blog.