OceanFirst Financial (OCFC) Stock Rating Upgraded by ValuEngine
OceanFirst Financial (NASDAQ:OCFC) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
OCFC has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Tuesday, September 26th. Hovde Group started coverage on shares of OceanFirst Financial in a research note on Monday, October 9th. They issued an “outperform” rating and a $32.00 target price for the company. BidaskClub cut shares of OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. DA Davidson started coverage on shares of OceanFirst Financial in a research note on Thursday, September 21st. They issued a “buy” rating and a $31.00 target price for the company. Finally, Sandler O’Neill upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $31.00.
OceanFirst Financial (NASDAQ OCFC) opened at $27.95 on Friday. The company has a market cap of $889.83, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.61 and a beta of 0.61. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94. OceanFirst Financial has a one year low of $24.02 and a one year high of $30.70.
OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. OceanFirst Financial had a net margin of 18.59% and a return on equity of 8.87%. The company had revenue of $50.42 million during the quarter, compared to analysts’ expectations of $50.41 million. equities analysts expect that OceanFirst Financial will post 1.7 EPS for the current year.
In other news, Director Steven E. Brady sold 2,800 shares of OceanFirst Financial stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $27.65, for a total value of $77,420.00. Following the completion of the transaction, the director now owns 72,562 shares in the company, valued at $2,006,339.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of OCFC. Sei Investments Co. raised its position in OceanFirst Financial by 80.5% in the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after purchasing an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in OceanFirst Financial by 2,366.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock worth $107,000 after purchasing an additional 3,786 shares during the last quarter. SG Americas Securities LLC bought a new position in OceanFirst Financial in the 3rd quarter worth approximately $165,000. Legal & General Group Plc raised its position in OceanFirst Financial by 6.8% in the 1st quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after purchasing an additional 418 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in OceanFirst Financial in the 3rd quarter worth approximately $201,000. Hedge funds and other institutional investors own 70.93% of the company’s stock.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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