OceanFirst Financial (NASDAQ:OCFC) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research lowered shares of OceanFirst Financial (NASDAQ:OCFC) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “

Other analysts also recently issued reports about the stock. Boenning Scattergood reissued a hold rating on shares of OceanFirst Financial in a research report on Monday, April 29th. FIG Partners reissued an outperform rating on shares of OceanFirst Financial in a research report on Monday, April 29th. ValuEngine downgraded shares of OceanFirst Financial from a hold rating to a sell rating in a research report on Tuesday, March 5th. Finally, BidaskClub raised shares of OceanFirst Financial from a strong sell rating to a sell rating in a research report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $29.33.

Shares of OCFC stock opened at $23.99 on Wednesday. OceanFirst Financial has a one year low of $21.30 and a one year high of $30.89. The company’s 50-day moving average price is $24.45. The stock has a market cap of $1.24 billion, a P/E ratio of 11.85, a price-to-earnings-growth ratio of 1.11 and a beta of 0.75. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, April 25th. The savings and loans company reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. OceanFirst Financial had a net margin of 26.92% and a return on equity of 9.47%. The company had revenue of $73.90 million for the quarter, compared to the consensus estimate of $73.12 million. As a group, analysts anticipate that OceanFirst Financial will post 2.19 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in OceanFirst Financial during the 1st quarter valued at about $191,000. Commonwealth Equity Services LLC lifted its stake in OceanFirst Financial by 0.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 59,458 shares of the savings and loans company’s stock valued at $1,338,000 after acquiring an additional 475 shares during the period. Foresters Investment Management Company Inc. lifted its stake in OceanFirst Financial by 10.9% during the 4th quarter. Foresters Investment Management Company Inc. now owns 358,200 shares of the savings and loans company’s stock valued at $8,063,000 after acquiring an additional 35,100 shares during the period. Martingale Asset Management L P bought a new position in OceanFirst Financial during the 4th quarter valued at about $1,700,000. Finally, Metropolitan Life Insurance Co. NY lifted its stake in OceanFirst Financial by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 15,570 shares of the savings and loans company’s stock valued at $350,000 after acquiring an additional 12,160 shares during the period. Institutional investors and hedge funds own 68.81% of the company’s stock.

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.

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