BidaskClub Downgrades OceanFirst Financial (OCFC) to Sell

OceanFirst Financial (NASDAQ:OCFC) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

OCFC has been the topic of several other reports. Zacks Investment Research upgraded OceanFirst Financial from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, September 26th. Hovde Group started coverage on OceanFirst Financial in a report on Monday, October 9th. They issued an “outperform” rating and a $32.00 price objective on the stock. ValuEngine upgraded OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Keefe, Bruyette & Woods restated a “buy” rating and set a $37.00 target price on shares of OceanFirst Financial in a report on Friday, December 22nd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $31.00 target price on shares of OceanFirst Financial in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $31.83.

Shares of OceanFirst Financial (OCFC) opened at $27.97 on Friday. 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 twelve month low of $24.02 and a twelve month high of $30.65. The stock has a market capitalization of $900.25, a PE ratio of 16.95, a P/E/G ratio of 1.54 and a beta of 0.60.

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

In other news, Director Steven E. Brady sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the transaction, the director now directly owns 72,562 shares in the company, valued at approximately $2,006,339.30. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 7.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Addison Capital Co acquired a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $308,000. Schwab Charles Investment Management Inc. boosted its holdings in shares of OceanFirst Financial by 20.5% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 148,946 shares of the savings and loans company’s stock worth $3,910,000 after purchasing an additional 25,374 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its holdings in shares of OceanFirst Financial by 4.3% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 166,851 shares of the savings and loans company’s stock worth $4,379,000 after purchasing an additional 6,841 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of OceanFirst Financial by 10.5% during the 3rd quarter. California Public Employees Retirement System now owns 52,115 shares of the savings and loans company’s stock worth $1,433,000 after purchasing an additional 4,961 shares during the last quarter. Finally, First Republic Investment Management Inc. acquired a new position in shares of OceanFirst Financial during the 3rd quarter worth approximately $224,000. Institutional investors and hedge funds own 70.93% of the company’s stock.

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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.

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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