OceanFirst Financial Corp. (OCFC) Downgraded to “Sell” at 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 note issued on Saturday.
According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “
Several other brokerages have also recently issued reports on OCFC. Sandler O’Neill cut OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a report on Monday, January 30th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial Corp. in a report on Wednesday, May 3rd.
OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 26.60 on Friday. The stock has a market capitalization of $848.54 million, a PE ratio of 23.86 and a beta of 0.59. OceanFirst Financial Corp. has a 12-month low of $17.50 and a 12-month high of $30.70. The stock has a 50 day moving average price of $27.58 and a 200-day moving average price of $27.54.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Shareholders of record on Monday, May 8th were paid a dividend of $0.15 per share. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Thursday, May 4th. OceanFirst Financial Corp.’s payout ratio is presently 61.22%.
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In other OceanFirst Financial Corp. news, Director Michael D. Devlin sold 76,058 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $29.12, for a total transaction of $2,214,808.96. Following the sale, the director now directly owns 200,871 shares of the company’s stock, valued at $5,849,363.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Joseph R. Iantosca sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $27.96, for a total value of $55,920.00. The disclosure for this sale can be found here. Insiders have sold 138,841 shares of company stock worth $4,048,459 over the last three months. 11.10% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Legal & General Group Plc boosted its stake in shares of OceanFirst Financial Corp. by 6.8% in the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock valued at $184,000 after buying an additional 418 shares during the last quarter. Quantum Capital Management LLC NJ bought a new stake in shares of OceanFirst Financial Corp. during the third quarter valued at $201,000. AQR Capital Management LLC bought a new stake in shares of OceanFirst Financial Corp. during the fourth quarter valued at $205,000. UBS Asset Management Americas Inc. bought a new stake in shares of OceanFirst Financial Corp. during the first quarter valued at $228,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of OceanFirst Financial Corp. during the fourth quarter valued at $300,000. 55.62% of the stock is currently owned by institutional investors.
OceanFirst Financial Corp. Company Profile
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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