Brokerages Set OceanFirst Financial Corp. (NASDAQ:OCFC) Price Target at $18.50

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $18.50.

Several equities analysts have recently issued reports on OCFC shares. Zacks Investment Research raised OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, October 15th. BidaskClub raised OceanFirst Financial from a “strong sell” rating to a “sell” rating in a report on Thursday. Finally, Piper Sandler dropped their price objective on shares of OceanFirst Financial from $18.00 to $17.00 and set a “neutral” rating on the stock in a research note on Monday, September 28th.

Shares of NASDAQ OCFC opened at $16.87 on Wednesday. The company has a 50 day simple moving average of $14.81 and a two-hundred day simple moving average of $15.80. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 10.95 and a beta of 1.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.41. OceanFirst Financial has a 12 month low of $11.60 and a 12 month high of $25.61.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, July 23rd. The savings and loans company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.02. The firm had revenue of $90.10 million during the quarter, compared to analysts’ expectations of $89.60 million. OceanFirst Financial had a net margin of 21.11% and a return on equity of 7.86%. Analysts forecast that OceanFirst Financial will post 1.63 EPS for the current year.

Several institutional investors have recently made changes to their positions in OCFC. Vanguard Group Inc. raised its holdings in OceanFirst Financial by 5.2% in the 2nd quarter. Vanguard Group Inc. now owns 2,986,161 shares of the savings and loans company’s stock worth $52,645,000 after purchasing an additional 147,515 shares during the period. State Street Corp raised its stake in shares of OceanFirst Financial by 8.3% during the 1st quarter. State Street Corp now owns 1,188,913 shares of the savings and loans company’s stock worth $18,916,000 after buying an additional 90,941 shares during the period. Geode Capital Management LLC raised its stake in shares of OceanFirst Financial by 12.8% during the 1st quarter. Geode Capital Management LLC now owns 864,649 shares of the savings and loans company’s stock worth $13,756,000 after buying an additional 97,826 shares during the period. Emerald Mutual Fund Advisers Trust lifted its position in shares of OceanFirst Financial by 9.0% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 762,835 shares of the savings and loans company’s stock valued at $13,449,000 after buying an additional 63,040 shares in the last quarter. Finally, Emerald Advisers LLC grew its stake in OceanFirst Financial by 2.8% in the 2nd quarter. Emerald Advisers LLC now owns 751,225 shares of the savings and loans company’s stock valued at $13,244,000 after acquiring an additional 20,176 shares during the period. Hedge funds and other institutional investors own 67.40% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides community banking services. The company accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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