OceanFirst Financial (OCFC) Given “Buy” Rating at Piper Jaffray Companies

OceanFirst Financial (NASDAQ:OCFC)‘s stock had its “buy” rating reissued by Piper Jaffray Companies in a research note issued on Monday. They currently have a $32.00 price target on the savings and loans company’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 23.65% from the stock’s previous close.

OCFC has been the subject of several other research reports. BidaskClub downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Saturday, January 20th. Zacks Investment Research raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Thursday, November 2nd. ValuEngine raised OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $37.00 price target on shares of OceanFirst Financial in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.83.

Shares of OceanFirst Financial (NASDAQ:OCFC) opened at $25.88 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $843.23, a PE ratio of 20.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.56. OceanFirst Financial has a twelve month low of $24.02 and a twelve month high of $30.65.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The business had revenue of $49.25 million during the quarter, compared to the consensus estimate of $50.52 million. OceanFirst Financial had a return on equity of 9.54% and a net margin of 19.67%. sell-side analysts forecast that OceanFirst Financial will post 1.9 EPS for the current year.

In related news, CAO Joseph R. Iantosca sold 5,000 shares of OceanFirst Financial stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.40, for a total transaction of $132,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven E. Brady sold 20,000 shares of OceanFirst Financial stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.02, for a total value of $520,400.00. The disclosure for this sale can be found here. Insiders own 7.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of OceanFirst Financial during the third quarter worth about $165,000. Trexquant Investment LP acquired a new stake in shares of OceanFirst Financial during the third quarter worth about $201,000. First Republic Investment Management Inc. acquired a new stake in shares of OceanFirst Financial during the third quarter worth about $224,000. Teacher Retirement System of Texas acquired a new stake in shares of OceanFirst Financial during the fourth quarter worth about $249,000. Finally, Jennison Associates LLC acquired a new stake in shares of OceanFirst Financial during the third quarter worth about $303,000. 71.11% of the stock is owned by hedge funds and other institutional investors.

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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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