Zacks: OceanFirst Financial Corp. (OCFC) Given Average Recommendation of “Strong Buy” by Analysts
Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have received an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation.
Brokers have set a twelve-month consensus target price of $22.50 for the company and are expecting that the company will post $0.38 EPS for the current quarter, according to Zacks. Zacks has also given OceanFirst Financial Corp. an industry rank of 103 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research lowered OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, October 6th.
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In other news, Chairman John R. Garbarino sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $18.84, for a total transaction of $188,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman John R. Garbarino sold 160,220 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $19.25, for a total value of $3,084,235.00. The disclosure for this sale can be found here. 11.10% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of OCFC. JPMorgan Chase & Co. raised its position in shares of OceanFirst Financial Corp. by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 175,770 shares of the company’s stock worth $3,108,000 after buying an additional 6,746 shares during the last quarter. Geode Capital Management LLC raised its position in shares of OceanFirst Financial Corp. by 19.8% in the first quarter. Geode Capital Management LLC now owns 87,016 shares of the company’s stock worth $1,538,000 after buying an additional 14,399 shares during the last quarter. Wellington Management Group LLP raised its position in shares of OceanFirst Financial Corp. by 8.7% in the first quarter. Wellington Management Group LLP now owns 1,467,595 shares of the company’s stock worth $25,947,000 after buying an additional 117,500 shares during the last quarter. Kennedy Capital Management Inc. purchased a new position in shares of OceanFirst Financial Corp. during the first quarter worth $1,564,000. Finally, AlphaOne Investment Services LLC purchased a new position in shares of OceanFirst Financial Corp. during the first quarter worth $1,503,000. 60.77% of the stock is currently owned by institutional investors.
OceanFirst Financial Corp. (NASDAQ:OCFC) traded down 0.16% during trading on Tuesday, hitting $19.26. 12,146 shares of the company traded hands. The firm has a market capitalization of $432.93 million, a P/E ratio of 20.17 and a beta of 0.65. The stock has a 50-day moving average price of $19.47 and a 200-day moving average price of $18.63. OceanFirst Financial Corp. has a 12-month low of $15.98 and a 12-month high of $21.00.
OceanFirst Financial Corp. (NASDAQ:OCFC) last announced its earnings results on Thursday, July 28th. The company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.10. OceanFirst Financial Corp. had a return on equity of 8.97% and a net margin of 15.10%. Equities analysts expect that OceanFirst Financial Corp. will post $1.18 EPS for the current fiscal year.
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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