OceanFirst Financial (NASDAQ:OCFC)‘s stock had its “buy” rating reaffirmed by stock analysts at Hovde Group in a report issued on Monday. They currently have a $34.00 price objective on the savings and loans company’s stock. Hovde Group’s price objective indicates a potential upside of 12.06% from the company’s current price.
A number of other research firms have also recently issued reports on OCFC. Zacks Investment Research cut OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. BidaskClub raised OceanFirst Financial from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 2nd. DA Davidson increased their target price on OceanFirst Financial from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 24th. Finally, ValuEngine cut OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. OceanFirst Financial currently has a consensus rating of “Buy” and a consensus price target of $32.83.
OceanFirst Financial opened at $30.34 on Monday, according to MarketBeat Ratings. OceanFirst Financial has a 52-week low of $24.02 and a 52-week high of $30.90. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $1.48 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 1.53 and a beta of 0.57.
OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, April 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. OceanFirst Financial had a return on equity of 9.04% and a net margin of 15.23%. The business had revenue of $64.62 million during the quarter, compared to analysts’ expectations of $58.24 million. sell-side analysts expect that OceanFirst Financial will post 2.01 earnings per share for the current year.
In other news, Director Michael D. Devlin sold 1,453 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The shares were sold at an average price of $27.00, for a total transaction of $39,231.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Christopher Maher purchased 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 1st. The shares were acquired at an average cost of $26.50 per share, with a total value of $53,000.00. The disclosure for this purchase can be found here. 3.80% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of OceanFirst Financial during the 1st quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of OceanFirst Financial by 109.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,018 shares of the savings and loans company’s stock worth $134,000 after acquiring an additional 2,626 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $249,000. WINTON GROUP Ltd bought a new position in shares of OceanFirst Financial during the 1st quarter worth approximately $374,000. Finally, MetLife Investment Advisors LLC bought a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $397,000. 71.30% of the stock is owned by institutional investors.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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