UPDATE: Sterne Agee Downgrades Oritani Financial to Neutral

A report from Sterne Agee downgrades Oritani Financial ORIT to from Buy to Neutral. The report states, “We downgraded the shares to Neutral based exclusively on valuation. Year to date, Oritani's shares increased 12.6% compared to the SNL U.S. Thrift index which declined 16.8%. Oritani currently trades at 124% of TBV relative to the overcapitalized peer median of 97%." ORIT closed Friday at $13.78.