OceanFirst Financial’s (OCFC) “Neutral” Rating Reaffirmed at DA Davidson

OceanFirst Financial (NASDAQ:OCFC)‘s stock had its “neutral” rating reaffirmed by analysts at DA Davidson in a research note issued on Wednesday,Benzinga reports. They currently have a $22.00 price objective on the savings and loans company’s stock. DA Davidson’s price objective would indicate a potential upside of 7.58% from the stock’s previous close.

A number of other brokerages have also commented on OCFC. Piper Sandler set a $17.00 price target on OceanFirst Financial and gave the company a “neutral” rating in a report on Friday, October 18th. Hovde Group upped their target price on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.75.

OceanFirst Financial Trading Up 0.9 %

OCFC stock traded up $0.18 during midday trading on Wednesday, hitting $20.45. 56,737 shares of the company’s stock were exchanged, compared to its average volume of 297,224. The stock’s fifty day moving average price is $19.13 and its 200-day moving average price is $17.33. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.00 and a current ratio of 1.01. The company has a market cap of $1.20 billion, a PE ratio of 11.65 and a beta of 1.04. OceanFirst Financial has a one year low of $14.03 and a one year high of $21.87.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, October 17th. The savings and loans company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $96.90 million for the quarter, compared to analyst estimates of $92.79 million. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. Research analysts predict that OceanFirst Financial will post 1.59 earnings per share for the current fiscal year.

Insider Transactions at OceanFirst Financial

In other news, Director Joseph M. Jr. Murphy sold 1,500 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.03, for a total transaction of $30,045.00. Following the transaction, the director now owns 177,417 shares in the company, valued at approximately $3,553,662.51. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OceanFirst Financial

A number of hedge funds have recently added to or reduced their stakes in OCFC. Innealta Capital LLC bought a new position in OceanFirst Financial during the 2nd quarter worth $25,000. Capital Performance Advisors LLP bought a new position in OceanFirst Financial during the 3rd quarter worth $25,000. Point72 DIFC Ltd bought a new position in OceanFirst Financial during the 3rd quarter worth $41,000. Point72 Asia Singapore Pte. Ltd. increased its stake in OceanFirst Financial by 82.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,055 shares of the savings and loans company’s stock worth $57,000 after acquiring an additional 1,379 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in OceanFirst Financial during the 2nd quarter worth $62,000. Institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Company Profile

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.