ValuEngine upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a buy rating in a research report sent to investors on Friday, December 1st.
OCFC has been the topic of a number of other reports. Zacks Investment Research downgraded shares of OceanFirst Financial from a buy rating to a hold rating in a research report on Tuesday, October 3rd. Hovde Group began coverage on shares of OceanFirst Financial in a research report on Monday, October 9th. They set an outperform rating and a $32.00 target price on the stock. Piper Jaffray Companies restated a buy rating and set a $31.00 target price on shares of OceanFirst Financial in a research report on Friday, October 27th. Sandler O’Neill upgraded shares of OceanFirst Financial from a hold rating to a buy rating and set a $29.00 price target on the stock in a research report on Wednesday, September 20th. Finally, BidaskClub downgraded shares of OceanFirst Financial from a sell rating to a strong sell rating in a research report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. OceanFirst Financial has a consensus rating of Buy and a consensus price target of $31.00.
Shares of OceanFirst Financial (OCFC) traded down $0.34 during midday trading on Friday, reaching $26.65. 136,600 shares of the company traded hands, compared to its average volume of 136,274. The firm has a market cap of $879.40, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 1.59 and a beta of 0.60. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.55. OceanFirst Financial has a 1-year low of $24.02 and a 1-year high of $30.70.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. OceanFirst Financial had a net margin of 18.59% and a return on equity of 8.87%. The business had revenue of $50.42 million for the quarter, compared to the consensus estimate of $50.41 million. research analysts predict that OceanFirst Financial will post 1.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 2.25%. OceanFirst Financial’s payout ratio is 50.00%.
In related news, Director Steven E. Brady sold 2,800 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the completion of the sale, the director now directly owns 72,562 shares of the company’s stock, valued at approximately $2,006,339.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 7.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in OceanFirst Financial by 7.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,442,218 shares of the savings and loans company’s stock worth $39,647,000 after purchasing an additional 97,697 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of OceanFirst Financial by 10.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,332,791 shares of the savings and loans company’s stock worth $36,145,000 after acquiring an additional 131,100 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of OceanFirst Financial by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,207,543 shares of the savings and loans company’s stock worth $32,749,000 after acquiring an additional 55,625 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of OceanFirst Financial by 16.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 902,624 shares of the savings and loans company’s stock worth $24,479,000 after acquiring an additional 127,888 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in shares of OceanFirst Financial by 5.8% during the 2nd quarter. William Blair Investment Management LLC now owns 680,480 shares of the savings and loans company’s stock worth $18,455,000 after acquiring an additional 37,505 shares in the last quarter. 70.93% of the stock is owned by institutional investors and hedge funds.
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OceanFirst Financial Company Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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