OceanFirst Financial (NASDAQ:OCFC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

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

Several other analysts have also recently commented on the company. Sandler O’Neill cut OceanFirst Financial from a buy rating to a hold rating in a research report on Monday, July 29th. DA Davidson cut OceanFirst Financial from a buy rating to a neutral rating and lowered their target price for the company from $27.00 to $21.50 in a research report on Monday, August 12th. ValuEngine upgraded OceanFirst Financial from a sell rating to a hold rating in a research report on Friday, October 4th. Raymond James upgraded OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 target price on the stock in a research report on Thursday, August 29th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods cut OceanFirst Financial from an outperform rating to a market perform rating and lowered their target price for the company from $29.00 to $26.50 in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $25.60.

Shares of NASDAQ OCFC opened at $23.28 on Tuesday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 11.76 and a beta of 0.78. OceanFirst Financial has a 12-month low of $20.46 and a 12-month high of $26.84. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50. The stock’s 50 day simple moving average is $22.45 and its 200 day simple moving average is $23.88.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.04). The company had revenue of $74.72 million during the quarter, compared to the consensus estimate of $77.38 million. OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%. As a group, equities analysts forecast that OceanFirst Financial will post 2.06 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quantamental Technologies LLC acquired a new stake in OceanFirst Financial in the 2nd quarter valued at approximately $36,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in OceanFirst Financial by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock valued at $93,000 after acquiring an additional 1,585 shares during the period. Bessemer Group Inc. increased its position in shares of OceanFirst Financial by 1.4% during the 2nd quarter. Bessemer Group Inc. now owns 119,400 shares of the savings and loans company’s stock valued at $2,967,000 after purchasing an additional 1,700 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of 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 valued at $845,000 after purchasing an additional 1,880 shares during the period. Finally, Bank of Montreal Can increased its position in shares of OceanFirst Financial by 423,900.0% during the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock valued at $105,000 after purchasing an additional 4,239 shares during the period. Hedge funds and other institutional investors own 69.23% of the company’s stock.

OceanFirst Financial Company Profile

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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