OceanFirst Financial (OCFC) Lowered to “Sell” at BidaskClub

BidaskClub downgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.

A number of other analysts have also weighed in on OCFC. Hovde Group reiterated a buy rating and issued a $34.00 target price on shares of OceanFirst Financial in a research note on Monday, June 25th. Zacks Investment Research lowered OceanFirst Financial from a buy rating to a hold rating in a research note on Wednesday, July 25th. Finally, Raymond James assumed coverage on OceanFirst Financial in a research note on Thursday, June 28th. They issued an outperform rating and a $33.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $34.00.

OCFC stock opened at $27.25 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.99 and a current ratio of 0.99. OceanFirst Financial has a twelve month low of $25.00 and a twelve month high of $30.90. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 1.36 and a beta of 0.50.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, July 26th. The savings and loans company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. OceanFirst Financial had a return on equity of 8.97% and a net margin of 16.84%. The business had revenue of $70.33 million for the quarter, compared to analyst estimates of $72.43 million. sell-side analysts predict that OceanFirst Financial will post 2.05 earnings per share for the current fiscal year.

In other news, Director Kimberly M. Guadagno purchased 1,725 shares of the business’s stock in a transaction dated Thursday, August 9th. The shares were purchased at an average price of $28.93 per share, for a total transaction of $49,904.25. Following the completion of the purchase, the director now owns 1,725 shares in the company, valued at approximately $49,904.25. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 3.80% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. FMR LLC bought a new stake in OceanFirst Financial during the second quarter valued at about $24,284,000. Schroder Investment Management Group bought a new stake in OceanFirst Financial during the second quarter valued at about $19,975,000. Dimensional Fund Advisors LP boosted its position in OceanFirst Financial by 40.2% during the first quarter. Dimensional Fund Advisors LP now owns 2,232,134 shares of the savings and loans company’s stock valued at $59,710,000 after purchasing an additional 639,808 shares in the last quarter. BlackRock Inc. boosted its position in OceanFirst Financial by 29.3% during the first quarter. BlackRock Inc. now owns 2,736,817 shares of the savings and loans company’s stock valued at $73,210,000 after purchasing an additional 619,702 shares in the last quarter. Finally, RMB Capital Management LLC bought a new stake in OceanFirst Financial during the first quarter valued at about $15,994,000. Hedge funds and other institutional investors own 73.87% of the company’s stock.

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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