OceanFirst Financial Corp. (OCFC) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of OceanFirst Financial Corp. (NASDAQ:OCFC) from a hold rating to a buy rating in a report published on Tuesday. The brokerage currently has $28.00 target price on the savings and loans company’s stock.

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

Separately, BidaskClub downgraded shares of OceanFirst Financial Corp. from a hold rating to a sell rating in a research note on Wednesday, July 19th.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 24.39 on Tuesday. OceanFirst Financial Corp. has a 12-month low of $18.99 and a 12-month high of $30.70. The company has a 50-day moving average of $25.75 and a 200 day moving average of $27.19. The firm has a market capitalization of $783.46 million, a PE ratio of 21.08 and a beta of 0.63.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were paid a $0.15 dividend. This is an increase from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, August 3rd. This represents a $0.60 annualized dividend and a dividend yield of 2.46%. OceanFirst Financial Corp.’s dividend payout ratio (DPR) is presently 51.72%.

In other news, Director Steven E. Brady sold 3,825 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $24.89, for a total value of $95,204.25. Following the sale, the director now owns 67,177 shares in the company, valued at $1,672,035.53. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 11.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of OCFC. William Blair Investment Management LLC bought a new position in OceanFirst Financial Corp. in the first quarter worth $18,116,000. OppenheimerFunds Inc. bought a new position in OceanFirst Financial Corp. in the first quarter worth $12,250,000. Renaissance Technologies LLC lifted its position in OceanFirst Financial Corp. by 28.7% in the first quarter. Renaissance Technologies LLC now owns 1,201,691 shares of the savings and loans company’s stock worth $33,858,000 after purchasing an additional 267,900 shares during the period. Janus Henderson Group PLC bought a new position in OceanFirst Financial Corp. in the second quarter worth $6,326,000. Finally, Lord Abbett & CO. LLC lifted its position in OceanFirst Financial Corp. by 303.8% in the second quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock worth $8,118,000 after purchasing an additional 225,211 shares during the period. 67.62% of the stock is owned by hedge funds and other institutional investors.

About OceanFirst Financial Corp.

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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