OceanFirst Financial Corp. (OCFC) Downgraded by Zacks Investment Research
OceanFirst Financial Corp. (NASDAQ:OCFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “
OceanFirst Financial Corp. (NASDAQ:OCFC) traded up 0.10% during midday trading on Thursday, hitting $19.25. The stock had a trading volume of 30,879 shares. The firm has a market capitalization of $432.70 million, a P/E ratio of 20.16 and a beta of 0.65. The firm has a 50-day moving average of $19.46 and a 200 day moving average of $18.60. OceanFirst Financial Corp. has a 52-week low of $15.98 and a 52-week high of $21.00.
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OceanFirst Financial Corp. (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.10. OceanFirst Financial Corp. had a net margin of 15.10% and a return on equity of 8.97%. On average, equities analysts forecast that OceanFirst Financial Corp. will post $1.18 EPS for the current year.
In other OceanFirst Financial Corp. news, Chairman John R. Garbarino sold 160,220 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $19.25, for a total value of $3,084,235.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman John R. Garbarino sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $18.84, for a total transaction of $188,400.00. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Highlander Capital Management LLC increased its stake in shares of OceanFirst Financial Corp. by 80.2% in the second quarter. Highlander Capital Management LLC now owns 9,893 shares of the company’s stock valued at $180,000 after buying an additional 4,403 shares during the period. BlackRock Advisors LLC increased its stake in shares of OceanFirst Financial Corp. by 55.9% in the second quarter. BlackRock Advisors LLC now owns 10,547 shares of the company’s stock valued at $192,000 after buying an additional 3,780 shares during the period. BW Gestao de Investimentos Ltda. purchased a new stake in shares of OceanFirst Financial Corp. during the second quarter valued at $203,000. American International Group Inc. increased its stake in shares of OceanFirst Financial Corp. by 51.5% in the second quarter. American International Group Inc. now owns 11,801 shares of the company’s stock valued at $214,000 after buying an additional 4,013 shares during the period. Finally, US Bancorp DE purchased a new stake in shares of OceanFirst Financial Corp. during the second quarter valued at $224,000. Institutional investors own 60.77% of the company’s stock.
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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