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

OceanFirst Financial Corp. (NASDAQ:OCFC) has earned a consensus recommendation of “Hold” from the six ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $33.00.

Several equities research analysts have commented on OCFC shares. ValuEngine cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Boenning Scattergood cut shares of OceanFirst Financial from an “outperform” rating to a “neutral” rating in a research report on Monday, March 4th. BidaskClub upgraded shares of OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, March 19th. Zacks Investment Research cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th. Finally, FIG Partners reiterated an “outperform” rating on shares of OceanFirst Financial in a research report on Monday, April 29th.

Shares of OceanFirst Financial stock opened at $24.17 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The business has a 50-day simple moving average of $24.47. OceanFirst Financial has a 52 week low of $21.30 and a 52 week high of $30.89. The company has a market capitalization of $1.24 billion, a PE ratio of 12.21, a PEG ratio of 1.11 and a beta of 0.75.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, April 25th. The savings and loans company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. OceanFirst Financial had a net margin of 26.92% and a return on equity of 9.47%. The firm had revenue of $73.90 million for the quarter, compared to analysts’ expectations of $73.12 million. Equities research analysts anticipate that OceanFirst Financial will post 2.19 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. First Trust Advisors LP raised its holdings in OceanFirst Financial by 18.2% during the 1st quarter. First Trust Advisors LP now owns 60,687 shares of the savings and loans company’s stock worth $1,460,000 after buying an additional 9,365 shares during the period. Marshall Wace LLP acquired a new stake in OceanFirst Financial during the 1st quarter worth about $687,000. Castine Capital Management LLC acquired a new stake in OceanFirst Financial during the 1st quarter worth about $2,505,000. Kennedy Capital Management Inc. raised its holdings in OceanFirst Financial by 35.9% during the 1st quarter. Kennedy Capital Management Inc. now owns 487,346 shares of the savings and loans company’s stock worth $11,726,000 after buying an additional 128,616 shares during the period. Finally, OppenheimerFunds Inc. raised its holdings in OceanFirst Financial by 2.1% during the 1st quarter. OppenheimerFunds Inc. now owns 713,245 shares of the savings and loans company’s stock worth $17,161,000 after buying an additional 14,436 shares during the period. Hedge funds and other institutional investors own 68.81% of the company’s stock.

About OceanFirst Financial

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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