OceanFirst Financial Corp. (NASDAQ:OCFC) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of OceanFirst Financial Corp. (NASDAQ:OCFCGet Free Report) have been given an average rating of “Hold” by the five brokerages that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $18.00.

OCFC has been the topic of several research reports. StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $18.00 target price (down from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Raymond James decreased their target price on shares of OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. Finally, Stephens reiterated an “equal weight” rating and set a $20.00 target price on shares of OceanFirst Financial in a research report on Friday, April 19th.

Check Out Our Latest Report on OceanFirst Financial

OceanFirst Financial Stock Performance

NASDAQ:OCFC opened at $14.79 on Wednesday. The firm’s 50-day moving average is $15.05 and its 200-day moving average is $15.81. OceanFirst Financial has a 52-week low of $12.01 and a 52-week high of $19.58. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.99 and a current ratio of 1.00. The company has a market cap of $868.32 million, a price-to-earnings ratio of 8.65 and a beta of 1.02.

OceanFirst Financial (NASDAQ:OCFCGet Free Report) last posted its quarterly earnings data on Thursday, April 18th. The savings and loans company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.02. OceanFirst Financial had a net margin of 15.54% and a return on equity of 6.17%. The company had revenue of $98.51 million for the quarter, compared to the consensus estimate of $95.45 million. Equities research analysts anticipate that OceanFirst Financial will post 1.71 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were given a $0.20 dividend. The ex-dividend date was Friday, May 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 5.41%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 46.78%.

Insider Buying and Selling at OceanFirst Financial

In other OceanFirst Financial news, EVP Brian Schaeffer sold 3,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $15.49, for a total value of $54,215.00. Following the transaction, the executive vice president now directly owns 41,868 shares in the company, valued at $648,535.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On OceanFirst Financial

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of OceanFirst Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company’s stock worth $57,027,000 after purchasing an additional 105,764 shares in the last quarter. Boston Partners raised its stake in shares of OceanFirst Financial by 3.2% during the first quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company’s stock worth $22,505,000 after buying an additional 42,966 shares during the last quarter. Invesco Ltd. raised its stake in shares of OceanFirst Financial by 3.4% during the third quarter. Invesco Ltd. now owns 1,234,836 shares of the savings and loans company’s stock worth $17,868,000 after buying an additional 40,030 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of OceanFirst Financial by 6.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock worth $18,160,000 after buying an additional 66,868 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of OceanFirst Financial by 20.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock worth $14,485,000 after buying an additional 139,047 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Company Profile

(Get Free Report

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.

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Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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