OceanFirst Financial (NASDAQ:OCFC) Rating Reiterated by Keefe, Bruyette & Woods

OceanFirst Financial (NASDAQ:OCFCGet Free Report)‘s stock had its “outperform” rating reaffirmed by investment analysts at Keefe, Bruyette & Woods in a research note issued to investors on Monday, Benzinga reports. They currently have a $19.00 price objective on the savings and loans company’s stock, down from their prior price objective of $22.00. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 25.16% from the company’s previous close.

Other equities research analysts have also issued reports about the company. StockNews.com lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Stephens reiterated an “equal weight” rating and set a $20.00 price target on shares of OceanFirst Financial in a research note on Friday. TheStreet upgraded shares of OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Finally, Raymond James lifted their price target on OceanFirst Financial from $21.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $18.60.

Check Out Our Latest Research Report on OCFC

OceanFirst Financial Price Performance

NASDAQ:OCFC opened at $15.18 on Monday. The business’s 50-day moving average price is $15.34 and its 200 day moving average price is $15.39. The firm has a market cap of $903.67 million, a P/E ratio of 8.88 and a beta of 1.00. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. OceanFirst Financial has a 52-week low of $12.01 and a 52-week high of $19.58.

OceanFirst Financial (NASDAQ:OCFCGet Free Report) last issued its quarterly earnings results on Thursday, January 18th. The savings and loans company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $99.69 million for the quarter, compared to analysts’ expectations of $97.26 million. OceanFirst Financial had a return on equity of 6.19% and a net margin of 15.54%. As a group, sell-side analysts predict that OceanFirst Financial will post 1.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its stake in shares of OceanFirst Financial by 24.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 12,096 shares of the savings and loans company’s stock valued at $243,000 after purchasing an additional 2,411 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in OceanFirst Financial by 14.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 25,990 shares of the savings and loans company’s stock valued at $522,000 after buying an additional 3,332 shares in the last quarter. PNC Financial Services Group Inc. grew its position in OceanFirst Financial by 30.3% in the first quarter. PNC Financial Services Group Inc. now owns 21,213 shares of the savings and loans company’s stock valued at $426,000 after acquiring an additional 4,938 shares during the period. MetLife Investment Management LLC raised its stake in OceanFirst Financial by 54.1% during the first quarter. MetLife Investment Management LLC now owns 31,851 shares of the savings and loans company’s stock worth $640,000 after acquiring an additional 11,187 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of OceanFirst Financial by 23.0% during the first quarter. Great West Life Assurance Co. Can now owns 4,917 shares of the savings and loans company’s stock valued at $103,000 after acquiring an additional 919 shares during the period. Institutional investors own 70.98% of the company’s stock.

About OceanFirst Financial

(Get Free Report)

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.

Further Reading

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