OceanFirst Financial (OCFC) Downgraded by BidaskClub

OceanFirst Financial (NASDAQ:OCFC) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Thursday.

Several other research analysts also recently commented on the company. ValuEngine downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Sandler O’Neill raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, September 20th. Zacks Investment Research downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Friday, September 8th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $31.00 target price on shares of OceanFirst Financial in a report on Friday, October 27th. Finally, DA Davidson initiated coverage on OceanFirst Financial in a report on Thursday, September 21st. They set a “buy” rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $31.00.

Shares of OceanFirst Financial (NASDAQ OCFC) traded up $0.67 on Thursday, reaching $27.06. The company’s stock had a trading volume of 345,822 shares, compared to its average volume of 155,386. The firm has a market cap of $904.07, a P/E ratio of 16.19, a PEG ratio of 1.55 and a beta of 0.60. OceanFirst Financial has a 52-week low of $24.02 and a 52-week high of $30.70. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94.

OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The firm had revenue of $50.42 million for the quarter, compared to the consensus estimate of $50.41 million. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. equities research analysts forecast that OceanFirst Financial will post 1.7 EPS for the current fiscal year.

In other 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 value of $77,420.00. Following the transaction, the director now directly owns 72,562 shares of the company’s stock, valued at approximately $2,006,339.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.00% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Northern Trust Corp lifted its stake in shares of OceanFirst Financial by 9.5% in the 2nd quarter. Northern Trust Corp now owns 668,839 shares of the savings and loans company’s stock valued at $18,139,000 after purchasing an additional 58,097 shares during the period. Teachers Advisors LLC lifted its stake in shares of OceanFirst Financial by 14.7% in the 1st quarter. Teachers Advisors LLC now owns 44,235 shares of the savings and loans company’s stock valued at $1,246,000 after purchasing an additional 5,673 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of OceanFirst Financial by 5.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 99,044 shares of the savings and loans company’s stock valued at $2,791,000 after purchasing an additional 5,130 shares during the period. Credit Suisse AG lifted its stake in shares of OceanFirst Financial by 25.5% in the 1st quarter. Credit Suisse AG now owns 22,606 shares of the savings and loans company’s stock valued at $637,000 after purchasing an additional 4,594 shares during the period. Finally, Kennedy Capital Management Inc. lifted its stake in shares of OceanFirst Financial by 15.8% in the 2nd quarter. Kennedy Capital Management Inc. now owns 473,252 shares of the savings and loans company’s stock valued at $12,835,000 after purchasing an additional 64,460 shares during the period. 70.93% of the stock is currently owned by institutional investors.

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About OceanFirst Financial

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.

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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