BidaskClub cut shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research report released on Saturday, January 20th.
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research upgraded OceanFirst Financial from a hold rating to a buy rating and set a $31.00 price target for the company in a research note on Thursday, November 2nd. Piper Jaffray Companies reiterated a buy rating and issued a $31.00 price target on shares of OceanFirst Financial in a research note on Friday, October 27th. Keefe, Bruyette & Woods restated a buy rating and issued a $37.00 price objective on shares of OceanFirst Financial in a research note on Friday, December 22nd. ValuEngine upgraded OceanFirst Financial from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, Hovde Group assumed coverage on OceanFirst Financial in a research note on Monday, October 9th. They issued an outperform rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $31.83.
OceanFirst Financial (NASDAQ OCFC) traded up $0.29 on Friday, hitting $26.41. The stock had a trading volume of 152,758 shares, compared to its average volume of 202,228. OceanFirst Financial has a fifty-two week low of $24.02 and a fifty-two week high of $30.65. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.55. The company has a market cap of $860.50, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 1.37 and a beta of 0.56.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.45. The firm had revenue of $49.25 million during the quarter, compared to analysts’ expectations of $50.52 million. OceanFirst Financial had a return on equity of 9.54% and a net margin of 19.67%. equities analysts forecast that OceanFirst Financial will post 1.9 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Monday, February 5th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Friday, February 2nd. OceanFirst Financial’s dividend payout ratio is presently 46.88%.
In related news, Director Joseph J. Burke sold 1,490 shares of OceanFirst Financial stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $26.73, for a total transaction of $39,827.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Brady sold 20,000 shares of OceanFirst Financial stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $26.02, for a total value of $520,400.00. The disclosure for this sale can be found here. Insiders sold 26,490 shares of company stock worth $692,228 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. raised its position in OceanFirst Financial by 10.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 109,614 shares of the savings and loans company’s stock valued at $2,973,000 after purchasing an additional 10,570 shares during the period. Rhumbline Advisers raised its position in OceanFirst Financial by 27.3% in the second quarter. Rhumbline Advisers now owns 38,015 shares of the savings and loans company’s stock valued at $1,031,000 after purchasing an additional 8,157 shares during the period. Bank of New York Mellon Corp raised its position in OceanFirst Financial by 27.2% in the second quarter. Bank of New York Mellon Corp now owns 399,838 shares of the savings and loans company’s stock valued at $10,843,000 after purchasing an additional 85,503 shares during the period. Legal & General Group Plc raised its position in OceanFirst Financial by 16.2% in the second quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock valued at $206,000 after purchasing an additional 1,058 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in OceanFirst Financial by 2,366.3% in the second quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock valued at $107,000 after purchasing an additional 3,786 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.
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About OceanFirst Financial
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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