OceanFirst Financial Corp. (OCFC) Receives Consensus Rating of “Buy” from Brokerages

OceanFirst Financial Corp. (NASDAQ:OCFC) has been given an average recommendation of “Buy” by the eight analysts that are presently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have covered the stock in the last year is $31.83.

Several equities analysts have recently weighed in on OCFC shares. Piper Jaffray reissued a “buy” rating and set a $32.00 price target on shares of OceanFirst Financial in a report on Monday, February 12th. ValuEngine raised OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Zacks Investment Research raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a report on Thursday, February 1st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $37.00 price target on shares of OceanFirst Financial in a report on Friday, December 22nd. Finally, BidaskClub raised OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Thursday, March 22nd.

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In related news, Director Steven E. Brady sold 20,000 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $26.02, for a total value of $520,400.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph J. Burke sold 1,490 shares of the firm’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $26.73, for a total value of $39,827.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,995 shares of company stock worth $732,065. 7.00% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Comerica Bank raised its holdings in OceanFirst Financial by 3.7% in the 3rd quarter. Comerica Bank now owns 53,408 shares of the savings and loans company’s stock worth $1,483,000 after purchasing an additional 1,900 shares during the period. LPL Financial LLC raised its holdings in OceanFirst Financial by 16.9% in the 4th quarter. LPL Financial LLC now owns 15,543 shares of the savings and loans company’s stock worth $408,000 after purchasing an additional 2,243 shares during the period. California Public Employees Retirement System raised its holdings in OceanFirst Financial by 10.5% in the 3rd quarter. California Public Employees Retirement System now owns 52,115 shares of the savings and loans company’s stock worth $1,433,000 after purchasing an additional 4,961 shares during the period. Victory Capital Management Inc. raised its holdings in OceanFirst Financial by 7.8% in the 4th quarter. Victory Capital Management Inc. now owns 68,321 shares of the savings and loans company’s stock worth $1,793,000 after purchasing an additional 4,971 shares during the period. Finally, SG Americas Securities LLC bought a new position in OceanFirst Financial in the 3rd quarter worth $165,000. 50.88% of the stock is currently owned by institutional investors.

NASDAQ OCFC opened at $26.75 on Monday. The firm has a market cap of $1,283.68, a PE ratio of 15.74, a PEG ratio of 1.37 and a beta of 0.57. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.59. OceanFirst Financial has a 1-year low of $24.02 and a 1-year high of $29.46.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, meeting the consensus estimate of $0.45. The firm had revenue of $49.25 million for the quarter, compared to analysts’ expectations of $50.52 million. OceanFirst Financial had a return on equity of 9.48% and a net margin of 19.67%. analysts forecast that OceanFirst Financial will post 1.95 EPS for the current fiscal year.

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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.

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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