OCFC has been the subject of several other research reports. Sandler O’Neill downgraded OceanFirst Financial from a buy rating to a hold rating in a report on Monday, July 29th. Zacks Investment Research downgraded OceanFirst Financial from a hold rating to a sell rating in a report on Thursday, August 1st. Keefe, Bruyette & Woods downgraded 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 report on Monday, July 29th. DA Davidson downgraded 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 report on Monday, August 12th. Finally, Raymond James upgraded OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 price target for the company in a research report on Thursday, August 29th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $25.60.
OCFC opened at $23.48 on Friday. The business’s 50-day moving average is $22.02 and its two-hundred day moving average is $23.98. OceanFirst Financial has a 1 year low of $20.46 and a 1 year high of $27.74. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $1.21 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 1.15 and a beta of 0.78.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly 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). The business had revenue of $74.72 million during the quarter, compared to analyst estimates of $77.38 million. OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%. As a group, sell-side analysts expect that OceanFirst Financial will post 2.06 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of OceanFirst Financial by 2.3% during the second quarter. BlackRock Inc. now owns 3,535,627 shares of the savings and loans company’s stock worth $87,860,000 after purchasing an additional 80,597 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of OceanFirst Financial by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,871,011 shares of the savings and loans company’s stock worth $64,627,000 after purchasing an additional 103,224 shares in the last quarter. Vanguard Group Inc. boosted its stake in OceanFirst Financial by 1.9% during the second quarter. Vanguard Group Inc. now owns 2,317,911 shares of the savings and loans company’s stock worth $57,600,000 after buying an additional 44,203 shares during the last quarter. Victory Capital Management Inc. boosted its stake in OceanFirst Financial by 8.5% during the second quarter. Victory Capital Management Inc. now owns 1,448,659 shares of the savings and loans company’s stock worth $35,999,000 after buying an additional 112,938 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in OceanFirst Financial by 3.2% during the second quarter. Renaissance Technologies LLC now owns 1,270,241 shares of the savings and loans company’s stock worth $31,565,000 after buying an additional 39,650 shares during the last quarter. Hedge funds and other institutional investors own 69.23% 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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