OceanFirst Financial (NASDAQ:OCFC) Shares Pass Above 200 Day Moving Average – Time to Sell?

OceanFirst Financial Corp. (NASDAQ:OCFC) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $18.58 and traded as high as $19.57. OceanFirst Financial shares last traded at $19.53, with a volume of 825,414 shares.

Wall Street Analyst Weigh In

OCFC has been the subject of a number of research reports. Weiss Ratings upgraded OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. DA Davidson boosted their price objective on OceanFirst Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. Finally, Piper Sandler set a $19.00 target price on OceanFirst Financial and gave the stock a “neutral” rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.00.

OceanFirst Financial Trading Up 1.4%

The business’s fifty day moving average is $18.63 and its 200-day moving average is $18.58. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $1.12 billion, a P/E ratio of 16.69 and a beta of 0.98.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. The firm had revenue of $103.19 million for the quarter, compared to analyst estimates of $143.25 million. Analysts predict that OceanFirst Financial Corp. will post 1.85 EPS for the current year.

Institutional Trading of OceanFirst Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. acquired a new stake in OceanFirst Financial during the 4th quarter valued at approximately $38,976,000. Wellington Management Group LLP lifted its position in shares of OceanFirst Financial by 97.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,388,304 shares of the savings and loans company’s stock worth $41,963,000 after purchasing an additional 1,181,553 shares during the period. Systematic Financial Management LP boosted its stake in shares of OceanFirst Financial by 15.1% in the 1st quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company’s stock valued at $24,960,000 after purchasing an additional 181,557 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of OceanFirst Financial by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company’s stock valued at $61,499,000 after purchasing an additional 179,364 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of OceanFirst Financial by 114.9% during the first quarter. Renaissance Technologies LLC now owns 307,356 shares of the savings and loans company’s stock worth $5,545,000 after buying an additional 164,313 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About OceanFirst Financial

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.