OceanFirst Financial (NASDAQ:OCFC) Raised to Sell at BidaskClub

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BidaskClub upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning, BidAskClub reports.

A number of other brokerages have also issued reports on OCFC. Sandler O’Neill lowered shares of OceanFirst Financial from a buy rating to a hold rating in a research report on Monday, July 29th. Raymond James upgraded shares of OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 target price on the stock in a research report on Thursday, August 29th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of OceanFirst Financial from a hold rating to a sell rating in a research report on Thursday, August 1st. DA Davidson lowered shares of OceanFirst Financial from a buy rating to a neutral rating and decreased their target price for the stock from $27.00 to $21.50 in a research report on Monday, August 12th. Finally, Keefe, Bruyette & Woods lowered shares of 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 report on Monday, July 29th. Three analysts have rated the stock with a sell rating, four have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. OceanFirst Financial currently has an average rating of Hold and an average price target of $25.60.

Shares of NASDAQ:OCFC traded up $0.25 on Thursday, reaching $23.62. 198,231 shares of the company’s stock were exchanged, compared to its average volume of 234,082. The company has a fifty day moving average of $22.22 and a 200-day moving average of $24.09. OceanFirst Financial has a twelve month low of $20.46 and a twelve month high of $28.86. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 1.13 and a beta of 0.78. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50.

OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ 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 analyst estimates of $77.38 million. As a group, equities research analysts forecast that OceanFirst Financial will post 2.06 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend was Friday, August 2nd. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s dividend payout ratio is 34.34%.

Several institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its stake in OceanFirst Financial by 1,857.6% in the 2nd quarter. Invesco Ltd. now owns 745,123 shares of the savings and loans company’s stock valued at $18,516,000 after purchasing an additional 707,059 shares during the last quarter. Nuveen Asset Management LLC bought a new position in OceanFirst Financial in the 2nd quarter valued at approximately $6,513,000. Victory Capital Management Inc. lifted its stake in OceanFirst Financial by 13.9% in the 1st quarter. Victory Capital Management Inc. now owns 1,335,721 shares of the savings and loans company’s stock valued at $32,137,000 after purchasing an additional 163,327 shares during the last quarter. Wells Fargo & Company MN lifted its stake in OceanFirst Financial by 55.7% in the 2nd quarter. Wells Fargo & Company MN now owns 441,611 shares of the savings and loans company’s stock valued at $10,974,000 after purchasing an additional 157,941 shares during the last quarter. Finally, Emerald Advisers LLC lifted its stake in OceanFirst Financial by 26.2% in the 2nd quarter. Emerald Advisers LLC now owns 746,111 shares of the savings and loans company’s stock valued at $18,541,000 after purchasing an additional 154,764 shares during the last quarter. 70.70% of the stock is owned by institutional investors.

About OceanFirst Financial

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.

See Also: Market Capitalization and Individual Investors

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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