OceanFirst Financial Corp. (OCFC) Downgraded by Zacks Investment Research to “Hold”
OceanFirst Financial Corp. (NASDAQ:OCFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “
Separately, BidaskClub lowered OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th.
Shares of OceanFirst Financial Corp. (NASDAQ OCFC) traded up 0.58% on Friday, hitting $24.39. The company had a trading volume of 59,068 shares. The stock has a market capitalization of $783.46 million, a PE ratio of 21.08 and a beta of 0.63. OceanFirst Financial Corp. has a 52 week low of $18.99 and a 52 week high of $30.70. The firm’s 50 day moving average price is $25.75 and its 200-day moving average price is $27.19.
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In other news, Director Steven E. Brady sold 3,825 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $24.89, for a total value of $95,204.25. Following the transaction, the director now directly owns 67,177 shares in the company, valued at approximately $1,672,035.53. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 11.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in OCFC. Sei Investments Co. boosted its stake in shares of OceanFirst Financial Corp. by 80.5% in the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after buying an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of OceanFirst Financial Corp. by 2,366.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock worth $107,000 after buying an additional 3,786 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of OceanFirst Financial Corp. by 6.8% in the 1st quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after buying an additional 418 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of OceanFirst Financial Corp. in the 1st quarter worth $228,000. Finally, Voya Investment Management LLC boosted its stake in shares of OceanFirst Financial Corp. by 13.3% in the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after buying an additional 1,683 shares during the last quarter. Hedge funds and other institutional investors own 67.62% of the company’s stock.
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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