OceanFirst Financial (NASDAQ:OCFC) Downgraded by BidaskClub

BidaskClub lowered shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research note released on Wednesday, BidAskClub reports.

Several other equities research analysts have also recently weighed in on the company. Raymond James upgraded OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 target price for the company in a research note on Thursday, August 29th. They noted that the move was a valuation call. DA Davidson cut OceanFirst Financial from a buy rating to a neutral rating and cut their target price for the stock from $27.00 to $21.50 in a research note on Monday, August 12th. Sandler O’Neill cut OceanFirst Financial from a buy rating to a hold rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods cut OceanFirst Financial from an outperform rating to a market perform rating and cut their target price for the stock from $29.00 to $26.50 in a research note on Monday, July 29th. Finally, Zacks Investment Research cut OceanFirst Financial from a hold rating to a sell rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $25.60.

Shares of OCFC stock traded up $0.19 during trading on Wednesday, hitting $23.79. The company had a trading volume of 118,937 shares, compared to its average volume of 229,145. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $1.21 billion, a P/E ratio of 11.29 and a beta of 0.78. The stock’s 50-day moving average price is $22.80 and its 200 day moving average price is $23.86. OceanFirst Financial has a one year low of $20.46 and a one year high of $26.81.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.04). OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%. The business had revenue of $74.72 million for the quarter, compared to the consensus estimate of $77.38 million. On average, research analysts anticipate that OceanFirst Financial will post 2.06 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its holdings in shares of OceanFirst Financial by 5.2% during the second quarter. Bank of New York Mellon Corp now owns 411,760 shares of the savings and loans company’s stock worth $10,233,000 after buying an additional 20,525 shares in the last quarter. John W. Rosenthal Capital Management Inc. acquired a new position in shares of OceanFirst Financial during the second quarter worth $373,000. Nuveen Asset Management LLC acquired a new position in shares of OceanFirst Financial during the second quarter worth $6,513,000. Wells Fargo & Company MN increased its holdings in shares of OceanFirst Financial by 55.7% during the second quarter. Wells Fargo & Company MN now owns 441,611 shares of the savings and loans company’s stock worth $10,974,000 after buying an additional 157,941 shares in the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of OceanFirst Financial by 18.9% during the second quarter. Prudential Financial Inc. now owns 184,600 shares of the savings and loans company’s stock worth $4,587,000 after buying an additional 29,400 shares in the last quarter. Hedge funds and other institutional investors own 69.14% of the company’s stock.

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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Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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