OceanFirst Financial (OCFC) Upgraded to “Sell” at BidaskClub
BidaskClub upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a strong sell rating to a sell rating in a research note published on Monday morning.
Several other research firms have also issued reports on OCFC. Piper Jaffray Companies reissued a buy rating and issued a $31.00 target price on shares of OceanFirst Financial in a report on Friday, October 27th. ValuEngine raised shares of OceanFirst Financial from a hold rating to a buy rating in a report on Friday, December 1st. Hovde Group started coverage on shares of OceanFirst Financial in a report on Monday, October 9th. They issued an outperform rating and a $32.00 target price for the company. Zacks Investment Research raised shares of OceanFirst Financial from a hold rating to a buy rating and set a $31.00 target price for the company in a report on Thursday, November 2nd. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $37.00 target price on shares of OceanFirst Financial in a report on Friday, December 22nd. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $31.67.
OceanFirst Financial (OCFC) opened at $25.39 on Monday. OceanFirst Financial has a one year low of $24.02 and a one year high of $30.65. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.55. The firm has a market cap of $845.84, a P/E ratio of 15.27, a PEG ratio of 1.37 and a beta of 0.56.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Monday, February 5th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.36%. The ex-dividend date is Friday, February 2nd. OceanFirst Financial’s dividend payout ratio is 46.88%.
In related news, Director Steven E. Brady sold 20,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $26.02, for a total value of $520,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Joseph R. Iantosca sold 5,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $26.40, for a total transaction of $132,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in OceanFirst Financial during the 3rd quarter valued at approximately $165,000. Trexquant Investment LP purchased a new stake in OceanFirst Financial during the 3rd quarter valued at approximately $201,000. Legal & General Group Plc grew its holdings in OceanFirst Financial by 16.2% during the 2nd quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock valued at $206,000 after buying an additional 1,058 shares in the last quarter. First Republic Investment Management Inc. purchased a new stake in OceanFirst Financial during the 3rd quarter valued at approximately $224,000. Finally, Teacher Retirement System of Texas purchased a new stake in OceanFirst Financial during the 4th quarter valued at approximately $249,000. 71.05% of the stock is owned by institutional investors and hedge funds.
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About OceanFirst Financial
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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