OceanFirst Financial (NASDAQ:OCFC) Stock Rating Lowered by DA Davidson

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DA Davidson lowered shares of OceanFirst Financial (NASDAQ:OCFC) from a buy rating to a neutral rating in a research report report published on Monday morning, BenzingaRatingsTable reports. The brokerage currently has $21.50 price objective on the savings and loans company’s stock, down from their previous price objective of $27.00.

A number of other equities research analysts have also commented on OCFC. Sandler O’Neill lowered OceanFirst Financial from a buy rating to a hold rating in a research report on Monday, July 29th. BidaskClub lowered OceanFirst Financial from a sell rating to a strong sell rating in a research report on Monday, June 24th. FIG Partners reiterated an outperform rating on shares of OceanFirst Financial in a research report on Monday, April 29th. Boenning Scattergood reiterated a hold rating on shares of OceanFirst Financial in a research report on Monday, April 29th. Finally, Keefe, Bruyette & Woods lowered OceanFirst Financial from an outperform rating to a market perform rating and reduced their price target for the company from $29.00 to $26.50 in a research report on Monday, July 29th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $25.60.

Shares of OCFC opened at $20.92 on Monday. OceanFirst Financial has a 12-month low of $20.74 and a 12-month high of $29.71. The business has a 50-day simple moving average of $24.38 and a two-hundred day simple moving average of $24.61. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.12 billion, a PE ratio of 10.57, a PEG ratio of 1.06 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 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.04). OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. The company had revenue of $74.72 million during the quarter, compared to the consensus estimate of $77.38 million. On average, equities research analysts expect that OceanFirst Financial will post 2.06 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Friday, August 2nd. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s payout ratio is 34.34%.

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of OceanFirst Financial during the 1st quarter valued at about $191,000. Sciencast Management LP bought a new stake in shares of OceanFirst Financial during the 1st quarter valued at about $228,000. Pwmco LLC boosted its position in shares of OceanFirst Financial by 275.1% during the 1st quarter. Pwmco LLC now owns 251,800 shares of the savings and loans company’s stock valued at $6,058,000 after purchasing an additional 184,663 shares in the last quarter. Keeley Teton Advisors LLC boosted its position in shares of OceanFirst Financial by 13.0% during the 1st quarter. Keeley Teton Advisors LLC now owns 467,746 shares of the savings and loans company’s stock valued at $11,254,000 after purchasing an additional 53,967 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted its position in shares of OceanFirst Financial by 19.2% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 688,829 shares of the savings and loans company’s stock valued at $17,117,000 after purchasing an additional 111,077 shares in the last quarter. Institutional investors own 68.56% 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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