Raymond James Lowers OceanFirst Financial (NASDAQ:OCFC) Price Target to $20.00

OceanFirst Financial (NASDAQ:OCFC) had its target price lowered by equities researchers at Raymond James from $22.00 to $20.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the savings and loans company’s stock. Raymond James’ target price points to a potential upside of 29.53% from the company’s current price.

OCFC has been the subject of a number of other reports. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Stephens reaffirmed an “equal weight” rating and issued a $20.00 target price on shares of OceanFirst Financial in a research note on Friday, April 19th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $19.00 target price (down from $22.00) on shares of OceanFirst Financial in a research note on Monday. Finally, StockNews.com downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a research note on Thursday, March 28th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, OceanFirst Financial has an average rating of “Hold” and a consensus target price of $18.20.

OceanFirst Financial Stock Up 3.1 %

NASDAQ OCFC opened at $15.44 on Monday. The business has a fifty day moving average price of $15.33 and a 200 day moving average price of $15.40. OceanFirst Financial has a one year low of $12.01 and a one year high of $19.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $919.14 million, a P/E ratio of 9.03 and a beta of 1.00.

Institutional Investors Weigh In On OceanFirst Financial

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of OceanFirst Financial by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,295,098 shares of the savings and loans company’s stock valued at $47,680,000 after purchasing an additional 57,423 shares during the last quarter. Boston Partners increased its position in shares of OceanFirst Financial by 11.1% in the 3rd quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock valued at $19,660,000 after purchasing an additional 139,646 shares during the last quarter. Invesco Ltd. increased its position in shares of OceanFirst Financial by 3.4% in the 3rd quarter. Invesco Ltd. now owns 1,234,836 shares of the savings and loans company’s stock valued at $17,868,000 after purchasing an additional 40,030 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of OceanFirst Financial by 6.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock valued at $18,160,000 after purchasing an additional 66,868 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of OceanFirst Financial by 20.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock valued at $14,485,000 after purchasing an additional 139,047 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.