OceanFirst Financial Corp. (NASDAQ:OCFC) Cut to Sell at BidaskClub
OceanFirst Financial Corp. (NASDAQ:OCFC) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised OceanFirst Financial Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $32.00 price target on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd.
Shares of OceanFirst Financial Corp. (OCFC) traded up 0.19% during midday trading on Wednesday, hitting $27.03. The stock had a trading volume of 149,590 shares. The stock has a market cap of $862.26 million, a P/E ratio of 24.24 and a beta of 0.62. The stock has a 50-day moving average price of $27.11 and a 200-day moving average price of $28.10. OceanFirst Financial Corp. has a 12-month low of $18.34 and a 12-month high of $30.70.
OceanFirst Financial Corp. declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 27th that permits the company to repurchase 1,600,000 outstanding shares. This repurchase authorization permits the savings and loans company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
In related news, CAO Joseph R. Iantosca sold 2,000 shares of the stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $27.96, for a total value of $55,920.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John R. Garbarino sold 15,000 shares of the stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $26.31, for a total value of $394,650.00. The disclosure for this sale can be found here. Insiders sold a total of 58,175 shares of company stock worth $1,555,556 over the last ninety days. Corporate insiders own 11.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc raised its position 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 period. AQR Capital Management LLC purchased a new position in shares of OceanFirst Financial Corp. during the fourth quarter valued at $205,000. UBS Asset Management Americas Inc. purchased a new position in shares of OceanFirst Financial Corp. during the first quarter valued at $228,000. Highbridge Capital Management LLC purchased a new position in shares of OceanFirst Financial Corp. during the fourth quarter valued at $394,000. Finally, Bank of America Corp DE raised its position in shares of OceanFirst Financial Corp. by 55.0% in the first quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock valued at $402,000 after buying an additional 5,054 shares during the period. 66.59% of the stock is currently owned by institutional investors and hedge funds.
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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