Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have been assigned an average rating of “Buy” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $31.83.
Several brokerages have recently commented on OCFC. BidaskClub upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. Piper Jaffray Companies restated a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial in a research note on Monday. Zacks Investment Research downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $37.00 target price on shares of OceanFirst Financial in a research note on Friday, December 22nd. Finally, ValuEngine downgraded shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th.
Shares of OceanFirst Financial (OCFC) traded up $0.11 during trading hours on Friday, hitting $26.64. 178,295 shares of the stock traded hands, compared to its average volume of 198,354. OceanFirst Financial has a 52 week low of $24.02 and a 52 week high of $30.65. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $860.50, a P/E ratio of 20.73, a PEG ratio of 1.39 and a beta of 0.56.
OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, January 25th. The savings and loans company reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. OceanFirst Financial had a net margin of 19.67% and a return on equity of 9.54%. The company had revenue of $49.25 million for the quarter, compared to the consensus estimate of $50.52 million. equities research analysts predict that OceanFirst Financial will post 1.9 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Monday, February 5th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, February 2nd. This represents a $0.60 annualized dividend and a yield of 2.25%. OceanFirst Financial’s dividend payout ratio (DPR) is 46.88%.
In related news, Director Joseph J. Burke sold 1,490 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were 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 the SEC website. Also, Director Steven E. Brady sold 20,000 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.02, for a total transaction of $520,400.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,490 shares of company stock worth $692,228. 7.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC lifted its position in OceanFirst Financial by 13.3% during the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after buying an additional 1,683 shares in the last quarter. Comerica Bank lifted its position in OceanFirst Financial by 3.7% during the 3rd quarter. Comerica Bank now owns 53,408 shares of the savings and loans company’s stock worth $1,483,000 after buying an additional 1,900 shares in the last quarter. Silver Capital Management LLC lifted its position in OceanFirst Financial by 10.2% during the 3rd quarter. Silver Capital Management LLC now owns 20,700 shares of the savings and loans company’s stock worth $569,000 after buying an additional 1,910 shares in the last quarter. California Public Employees Retirement System raised its holdings in OceanFirst Financial by 4.7% during the 2nd quarter. California Public Employees Retirement System now owns 47,154 shares of the savings and loans company’s stock worth $1,279,000 after purchasing an additional 2,100 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in OceanFirst Financial by 16.9% during the 4th quarter. LPL Financial LLC now owns 15,543 shares of the savings and loans company’s stock worth $408,000 after purchasing an additional 2,243 shares during the last quarter. Institutional investors and hedge funds 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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