BidaskClub Lowers OceanFirst Financial (NASDAQ:OCFC) to Sell

BidaskClub downgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research note published on Wednesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on the stock. Sandler O’Neill cut shares of OceanFirst Financial from a buy rating to a hold rating in a research note on Monday, July 29th. ValuEngine raised shares of OceanFirst Financial from a sell rating to a hold rating in a research note on Friday, October 4th. DA Davidson cut shares of OceanFirst Financial from a buy rating to a neutral rating and decreased their price target for the stock from $27.00 to $21.50 in a research note on Monday, August 12th. Raymond James raised shares of OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 price target on the stock in a research note on Thursday, August 29th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods cut shares of OceanFirst Financial from an outperform rating to a market perform rating and decreased their price target for the stock from $29.00 to $26.50 in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. OceanFirst Financial has a consensus rating of Hold and a consensus price target of $25.60.

Shares of NASDAQ OCFC opened at $23.79 on Wednesday. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 12.02 and a beta of 0.78. OceanFirst Financial has a 52 week low of $20.46 and a 52 week high of $26.81. The company’s 50-day moving average price is $22.80 and its 200 day moving average price is $23.86. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 25th. The savings and loans company reported $0.51 EPS for the quarter, missing the Zacks’ 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 business had revenue of $74.72 million during the quarter, compared to analyst estimates of $77.38 million. As a group, research analysts expect that OceanFirst Financial will post 2.06 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC acquired a new stake in shares of OceanFirst Financial during the 2nd quarter worth about $36,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of OceanFirst Financial by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock worth $93,000 after acquiring an additional 1,585 shares during the period. Bank of Montreal Can lifted its holdings in shares of OceanFirst Financial by 423,900.0% during the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock worth $105,000 after acquiring an additional 4,239 shares during the period. Aperio Group LLC purchased a new position in shares of OceanFirst Financial during the 2nd quarter worth about $225,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of OceanFirst Financial during the 2nd quarter worth about $233,000. 69.14% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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