Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have received a consensus recommendation of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $26.50.
A number of research firms have weighed in on OCFC. Boenning Scattergood reaffirmed a “hold” rating on shares of OceanFirst Financial in a research report on Monday, April 29th. Sandler O’Neill lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. BidaskClub lowered OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, June 24th. FIG Partners restated an “outperform” rating on shares of OceanFirst Financial in a research note on Monday, April 29th. Finally, Keefe, Bruyette & Woods lowered OceanFirst Financial from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $29.00 to $26.50 in a research note on Monday, July 29th.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in OceanFirst Financial by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock valued at $93,000 after buying an additional 1,585 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new position in shares of OceanFirst Financial in the fourth quarter worth $108,000. Legal & General Group Plc increased its position in shares of OceanFirst Financial by 12.7% in the fourth quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock worth $187,000 after purchasing an additional 934 shares during the period. SG Americas Securities LLC bought a new position in shares of OceanFirst Financial in the first quarter worth $191,000. Finally, Aperio Group LLC bought a new position in shares of OceanFirst Financial in the second quarter worth $225,000. Institutional investors and hedge funds own 67.78% of the company’s stock.
Shares of OCFC traded down $0.33 on Monday, hitting $23.40. The company’s stock had a trading volume of 100,129 shares, compared to its average volume of 147,221. OceanFirst Financial has a fifty-two week low of $21.30 and a fifty-two week high of $29.71. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The business has a fifty day moving average of $24.87. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.16 and a beta of 0.73.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.04). OceanFirst Financial had a return on equity of 9.69% and a net margin of 27.15%. The firm had revenue of $74.72 million for the quarter, compared to analyst estimates of $77.38 million. Sell-side analysts expect that OceanFirst Financial will post 2.1 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be paid a $0.17 dividend. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. This represents a $0.68 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Friday, August 2nd. OceanFirst Financial’s dividend payout ratio is currently 34.34%.
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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