BidaskClub Upgrades OceanFirst Financial (NASDAQ:OCFC) to “Sell”
Several other equities research analysts also recently issued reports on OCFC. Sandler O’Neill downgraded OceanFirst Financial from a buy rating to a hold rating in a report on Monday, July 29th. Zacks Investment Research downgraded OceanFirst Financial from a hold rating to a sell rating in a report on Thursday, August 1st. Keefe, Bruyette & Woods downgraded OceanFirst Financial from an outperform rating to a market perform rating and cut their price objective for the company from $29.00 to $26.50 in a report on Monday, July 29th. DA Davidson downgraded OceanFirst Financial from a buy rating to a neutral rating and cut their price objective for the company from $27.00 to $21.50 in a report on Monday, August 12th. Finally, Raymond James upgraded OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 price objective on the stock in a report on Thursday, August 29th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $25.60.
Shares of OCFC stock traded up $0.25 on Thursday, hitting $23.62. The stock had a trading volume of 17,127 shares, compared to its average volume of 234,177. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $1.14 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.08 and a beta of 0.78. OceanFirst Financial has a 1 year low of $20.46 and a 1 year high of $28.86. The company’s 50 day moving average price is $22.26 and its 200-day moving average price is $24.10.
The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a dividend of $0.17 per share. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, August 2nd. This represents a $0.68 annualized dividend and a yield of 2.88%. OceanFirst Financial’s dividend payout ratio is 34.34%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Susquehanna International Group LLP purchased a new stake in OceanFirst Financial during the 2nd quarter worth about $432,000. Nuveen Asset Management LLC purchased a new stake in OceanFirst Financial during the 2nd quarter worth about $6,513,000. Victory Capital Management Inc. increased its holdings in OceanFirst Financial by 8.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,448,659 shares of the savings and loans company’s stock worth $35,999,000 after purchasing an additional 112,938 shares during the period. UBS Asset Management Americas Inc. increased its holdings in OceanFirst Financial by 5.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 34,018 shares of the savings and loans company’s stock worth $845,000 after purchasing an additional 1,880 shares during the period. Finally, D. E. Shaw & Co. Inc. purchased a new stake in OceanFirst Financial during the 2nd quarter worth about $984,000. Institutional investors own 70.70% 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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