Zacks Investment Research Lowers OceanFirst Financial (NASDAQ:OCFC) to Hold

Zacks Investment Research lowered shares of OceanFirst Financial (NASDAQ:OCFC) from a buy rating to a hold rating in a report issued on Thursday morning, Zacks.com reports.

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

Other equities analysts have also recently issued reports about the stock. Boenning Scattergood cut shares of OceanFirst Financial from an outperform rating to a neutral rating in a report on Monday, March 4th. FIG Partners reissued an outperform rating on shares of OceanFirst Financial in a research report on Monday, April 29th. ValuEngine lowered shares of OceanFirst Financial from a hold rating to a sell rating in a research report on Tuesday, March 5th. Finally, BidaskClub raised shares of OceanFirst Financial from a strong sell rating to a sell rating in a research note on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $30.75.

NASDAQ:OCFC traded down $0.12 during midday trading on Thursday, hitting $24.02. 39,627 shares of the stock were exchanged, compared to its average volume of 126,385. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.12 and a beta of 0.75. OceanFirst Financial has a one year low of $21.30 and a one year high of $30.90. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, April 25th. The savings and loans company reported $0.51 earnings per share 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. On average, sell-side analysts expect that OceanFirst Financial will post 2.19 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Friday, May 3rd. OceanFirst Financial’s dividend payout ratio is 34.34%.

In other news, EVP Joseph R. Iantosca sold 3,000 shares of OceanFirst Financial stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $25.25, for a total value of $75,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of OCFC. Oppenheimer Asset Management Inc. acquired a new position in shares of OceanFirst Financial in the 4th quarter valued at approximately $25,000. PNC Financial Services Group Inc. acquired a new position in shares of OceanFirst Financial in the 1st quarter valued at approximately $77,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of OceanFirst Financial in the 4th quarter valued at approximately $108,000. Great West Life Assurance Co. Can raised its position in shares of OceanFirst Financial by 57.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 6,195 shares of the savings and loans company’s stock valued at $148,000 after buying an additional 2,263 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of OceanFirst Financial by 12.7% in the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after buying an additional 934 shares in the last quarter. Institutional investors and hedge funds 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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