Recent Research Analysts’ Ratings Changes for OceanFirst Financial (OCFC)

A number of research firms have changed their ratings and price targets for OceanFirst Financial (NASDAQ: OCFC):

• 4/22/2024 – OceanFirst Financial had its price target lowered by analysts at Raymond James from $22.00 to $20.00. They now have an “outperform” rating on the stock.
• 4/22/2024 – OceanFirst Financial had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $19.00 price target on the stock, down previously from $22.00.
• 4/22/2024 – OceanFirst Financial was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 4/19/2024 – OceanFirst Financial had its “equal weight” rating reaffirmed by analysts at Stephens. They now have a $20.00 price target on the stock.
• 3/28/2024 – OceanFirst Financial was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $15.37 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. The stock has a 50 day moving average of $15.31 and a 200-day moving average of $15.42. OceanFirst Financial Corp. has a 12 month low of $12.01 and a 12 month high of $19.58. The company has a market capitalization of $914.98 million, a P/E ratio of 8.99 and a beta of 1.00.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.20%. The ex-dividend date is Friday, May 3rd. OceanFirst Financial’s payout ratio is 46.78%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OCFC. Vanguard Group Inc. grew its stake in OceanFirst Financial by 1.8% during the third quarter. Vanguard Group Inc. now owns 3,295,098 shares of the savings and loans company’s stock worth $47,680,000 after buying an additional 57,423 shares in the last quarter. Boston Partners boosted its stake in shares of OceanFirst Financial by 11.1% in the 3rd quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock valued at $19,660,000 after purchasing an additional 139,646 shares in the last quarter. Invesco Ltd. grew its holdings in shares of OceanFirst Financial by 3.4% during the 3rd quarter. Invesco Ltd. now owns 1,234,836 shares of the savings and loans company’s stock valued at $17,868,000 after purchasing an additional 40,030 shares during the last quarter. Goldman Sachs Group Inc. increased its position in OceanFirst Financial by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock worth $18,160,000 after purchasing an additional 66,868 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in OceanFirst Financial by 20.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock valued at $14,485,000 after purchasing an additional 139,047 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.