OceanFirst Financial (OCFC) Raised to “Buy” at ValuEngine
OceanFirst Financial (NASDAQ:OCFC) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.
Several other analysts have also commented on OCFC. BidaskClub lowered OceanFirst Financial from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Hovde Group assumed coverage on OceanFirst Financial in a report on Monday, October 9th. They issued an “outperform” rating and a $32.00 price objective for the company. Zacks Investment Research lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. DA Davidson assumed coverage on OceanFirst Financial in a report on Thursday, September 21st. They issued a “buy” rating and a $31.00 price objective for the company. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $31.00 price objective on shares of OceanFirst Financial in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $31.00.
Shares of OceanFirst Financial (OCFC) traded up $0.20 on Friday, hitting $27.95. The company had a trading volume of 199,172 shares, compared to its average volume of 114,586. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.55. OceanFirst Financial has a one year low of $24.02 and a one year high of $30.70. The company has a market capitalization of $904.16, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.63 and a beta of 0.60.
In other OceanFirst Financial news, Director Steven E. Brady sold 2,800 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the completion of the sale, the director now owns 72,562 shares of the company’s stock, valued at $2,006,339.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in OCFC. Janus Henderson Group PLC bought a new stake in OceanFirst Financial during the second quarter valued at about $6,326,000. Lord Abbett & CO. LLC grew its holdings in OceanFirst Financial by 303.8% during the second quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock valued at $8,118,000 after purchasing an additional 225,211 shares during the period. Renaissance Technologies LLC grew its holdings in OceanFirst Financial by 10.9% during the second quarter. Renaissance Technologies LLC now owns 1,332,791 shares of the savings and loans company’s stock valued at $36,145,000 after purchasing an additional 131,100 shares during the period. Goldman Sachs Group Inc. grew its holdings in OceanFirst Financial by 16.5% during the second quarter. Goldman Sachs Group Inc. now owns 902,624 shares of the savings and loans company’s stock valued at $24,479,000 after purchasing an additional 127,888 shares during the period. Finally, State Street Corp grew its holdings in OceanFirst Financial by 23.8% during the second quarter. State Street Corp now owns 581,074 shares of the savings and loans company’s stock valued at $15,758,000 after purchasing an additional 111,891 shares during the period. 70.93% of the stock is owned by institutional investors and hedge funds.
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OceanFirst Financial 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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