OceanFirst Financial (NASDAQ:OCFC) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

OceanFirst Financial Corp. (NASDAQ:OCFC)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $18.58 and traded as high as $19.57. OceanFirst Financial shares last traded at $19.53, with a volume of 825,414 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OCFC. DA Davidson boosted their target price on OceanFirst Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Piper Sandler set a $19.00 price target on OceanFirst Financial and gave the company a “neutral” rating in a research report on Friday, June 12th. Finally, Weiss Ratings raised OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, OceanFirst Financial has a consensus rating of “Hold” and a consensus price target of $21.00.

OceanFirst Financial Stock Performance

The company’s 50-day moving average price is $18.66 and its two-hundred day moving average price is $18.58. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $1.15 billion, a PE ratio of 17.01 and a beta of 0.98.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. The company had revenue of $103.19 million during the quarter, compared to the consensus estimate of $143.25 million. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. On average, equities research analysts forecast that OceanFirst Financial Corp. will post 1.85 EPS for the current year.

Hedge Funds Weigh In On OceanFirst Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Byrne Asset Management LLC raised its holdings in shares of OceanFirst Financial by 7.0% during the 2nd quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock valued at $180,000 after buying an additional 600 shares in the last quarter. Royal Bank of Canada boosted its stake in OceanFirst Financial by 1.3% in the first quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock worth $885,000 after buying an additional 608 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its position in OceanFirst Financial by 7.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock valued at $181,000 after acquiring an additional 673 shares during the last quarter. Quantinno Capital Management LP grew its position in OceanFirst Financial by 2.4% during the first quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company’s stock valued at $533,000 after acquiring an additional 692 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of OceanFirst Financial by 4.5% during the second quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock worth $362,000 after acquiring an additional 885 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

About OceanFirst Financial

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.