OceanFirst Financial Corp. (NASDAQ:OCFC) Receives Consensus Rating of “Hold” from Analysts

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have been given an average rating of “Hold” by the six research firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $21.00.

Several research analysts recently commented on OCFC shares. DA Davidson raised their price target on shares of OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, April 28th. Piper Sandler set a $19.00 price objective on shares of OceanFirst Financial and gave the stock a “neutral” rating in a research report on Friday, June 12th. Finally, Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th.

OceanFirst Financial Stock Performance

OceanFirst Financial stock opened at $19.56 on Monday. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 16.72 and a beta of 0.98. OceanFirst Financial has a 12 month low of $16.09 and a 12 month high of $20.61. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.00 and a quick ratio of 1.00. The stock’s 50-day moving average is $18.82 and its 200-day moving average is $18.65.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. The business had revenue of $103.19 million during the quarter, compared to analysts’ expectations of $143.25 million. OceanFirst Financial had a return on equity of 5.35% and a net margin of 10.04%. Equities analysts anticipate that OceanFirst Financial will post 1.85 earnings per share for the current year.

Institutional Trading of OceanFirst Financial

Large investors have recently added to or reduced their stakes in the stock. Byrne Asset Management LLC raised its position in OceanFirst Financial by 7.0% in the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock valued at $180,000 after purchasing an additional 600 shares during the period. GAMMA Investing LLC boosted its position in shares of OceanFirst Financial by 174.8% in the second quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company’s stock worth $37,000 after buying an additional 1,220 shares during the period. Bank of America Corp DE boosted its position in shares of OceanFirst Financial by 16.1% in the first quarter. Bank of America Corp DE now owns 493,623 shares of the savings and loans company’s stock worth $8,905,000 after buying an additional 68,347 shares during the period. Amundi acquired a new stake in shares of OceanFirst Financial in the first quarter valued at about $259,000. Finally, Royal Bank of Canada grew its stake in shares of OceanFirst Financial by 1.3% in the first quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock valued at $885,000 after buying an additional 608 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About OceanFirst Financial

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.