OceanFirst Financial (OCFC) Upgraded to Hold by Zacks Investment Research

OceanFirst Financial (NASDAQ:OCFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “

Several other analysts have also commented on OCFC. BidaskClub raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. ValuEngine lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $34.00.

OCFC stock traded up $0.26 during mid-day trading on Friday, hitting $25.52. The company had a trading volume of 178,027 shares, compared to its average volume of 163,813. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 1.27 and a beta of 0.56. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.99 and a current ratio of 0.99. OceanFirst Financial has a 12 month low of $23.97 and a 12 month high of $30.90.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, October 25th. The savings and loans company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The company had revenue of $69.79 million during the quarter, compared to the consensus estimate of $74.31 million. OceanFirst Financial had a return on equity of 9.49% and a net margin of 19.35%. Analysts forecast that OceanFirst Financial will post 2.01 earnings per share for the current year.

In other OceanFirst Financial news, Director Kimberly M. Guadagno purchased 1,725 shares of the stock in a transaction dated Thursday, August 9th. The shares were bought at an average price of $28.93 per share, with a total value of $49,904.25. Following the completion of the transaction, the director now directly owns 1,725 shares in the company, valued at approximately $49,904.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of OCFC. SG Americas Securities LLC raised its position in shares of OceanFirst Financial by 51.4% in the second quarter. SG Americas Securities LLC now owns 6,159 shares of the savings and loans company’s stock valued at $185,000 after purchasing an additional 2,092 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in OceanFirst Financial during the third quarter valued at approximately $257,000. Sei Investments Co. grew its stake in OceanFirst Financial by 145.7% during the second quarter. Sei Investments Co. now owns 9,326 shares of the savings and loans company’s stock valued at $280,000 after acquiring an additional 5,530 shares in the last quarter. GSA Capital Partners LLP purchased a new position in OceanFirst Financial during the second quarter valued at approximately $304,000. Finally, WINTON GROUP Ltd purchased a new position in OceanFirst Financial during the first quarter valued at approximately $374,000. 73.83% of the stock is currently owned by institutional investors.

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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