OceanFirst Financial (NASDAQ:OCFC) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

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

Several other equities analysts also recently issued reports on the stock. Sandler O’Neill downgraded shares of OceanFirst Financial from a buy rating to a hold rating in a report on Monday, July 29th. DA Davidson downgraded shares of OceanFirst Financial from a buy rating to a neutral rating and cut their price objective for the company from $27.00 to $21.50 in a report on Monday, August 12th. BidaskClub upgraded shares of OceanFirst Financial from a sell rating to a hold rating in a report on Friday, September 20th. Keefe, Bruyette & Woods downgraded shares of OceanFirst Financial from an outperform rating to a market perform rating and cut their price objective for the company from $29.00 to $26.50 in a report on Monday, July 29th. Finally, Raymond James upgraded shares of OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 price objective on the stock in a report on Thursday, August 29th. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. OceanFirst Financial currently has a consensus rating of Hold and an average target price of $25.60.

OceanFirst Financial stock traded up $0.18 during trading hours on Wednesday, reaching $23.27. The stock had a trading volume of 152,537 shares, compared to its average volume of 256,382. OceanFirst Financial has a 52 week low of $20.46 and a 52 week 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 company has a market cap of $1.19 billion, a price-to-earnings ratio of 11.75 and a beta of 0.78. The business’s 50 day moving average price is $22.17 and its 200-day moving average price is $23.93.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. The company had revenue of $74.72 million for the quarter, compared to analyst estimates of $77.38 million. On average, sell-side analysts forecast that OceanFirst Financial will post 2.06 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its position in shares of OceanFirst Financial by 1,857.6% during the 2nd quarter. Invesco Ltd. now owns 745,123 shares of the savings and loans company’s stock valued at $18,516,000 after buying an additional 707,059 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of OceanFirst Financial during the 2nd quarter valued at approximately $6,513,000. Wells Fargo & Company MN lifted its position in shares of OceanFirst Financial by 55.7% during 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 buying an additional 157,941 shares in the last quarter. Emerald Advisers LLC lifted its position in shares of OceanFirst Financial by 26.2% during 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 buying an additional 154,764 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of OceanFirst Financial by 462.0% during the 2nd quarter. Marshall Wace LLP now owns 160,513 shares of the savings and loans company’s stock valued at $3,989,000 after buying an additional 131,954 shares in the last quarter. Institutional investors and hedge funds own 69.23% of the company’s stock.

OceanFirst Financial Company Profile

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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