OceanFirst Financial Corp. (NASDAQ:OCFC) has been assigned an average rating of “Hold” from the eight analysts that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $34.00.
OCFC has been the topic of a number of research analyst reports. BidaskClub downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Zacks Investment Research raised OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Wednesday, November 28th. Finally, ValuEngine downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 27th.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in shares of OceanFirst Financial by 24.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 409,098 shares of the savings and loans company’s stock worth $12,257,000 after purchasing an additional 80,674 shares during the last quarter. Comerica Bank increased its position in OceanFirst Financial by 32.5% in the 2nd quarter. Comerica Bank now owns 105,095 shares of the savings and loans company’s stock valued at $3,131,000 after acquiring an additional 25,751 shares during the period. Schwab Charles Investment Management Inc. increased its position in OceanFirst Financial by 12.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 217,601 shares of the savings and loans company’s stock valued at $6,520,000 after acquiring an additional 23,560 shares during the period. Rhumbline Advisers increased its position in OceanFirst Financial by 16.0% in the 2nd quarter. Rhumbline Advisers now owns 49,076 shares of the savings and loans company’s stock valued at $1,470,000 after acquiring an additional 6,758 shares during the period. Finally, Elizabeth Park Capital Advisors Ltd. increased its position in OceanFirst Financial by 3.8% in the 2nd quarter. Elizabeth Park Capital Advisors Ltd. now owns 164,585 shares of the savings and loans company’s stock valued at $4,931,000 after acquiring an additional 6,097 shares during the period. 74.67% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:OCFC opened at $24.43 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. OceanFirst Financial has a 52 week low of $23.97 and a 52 week high of $30.90. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 1.24 and a beta of 0.54.
OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, October 25th. The savings and loans company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). OceanFirst Financial had a return on equity of 9.09% and a net margin of 19.35%. The firm had revenue of $69.79 million for the quarter, compared to the consensus estimate of $74.31 million. On average, research analysts forecast that OceanFirst Financial will post 2 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Investors of record on Monday, November 5th were issued a $0.17 dividend. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, November 2nd. This represents a $0.68 annualized dividend and a dividend yield of 2.78%. OceanFirst Financial’s dividend payout ratio (DPR) is 40.00%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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