OceanFirst Financial Corp. (NASDAQ:OCFC) Receives $18.50 Consensus Target Price from Analysts

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have earned a consensus recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $18.50.

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

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

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

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of OceanFirst Financial by 12.8% in the 1st quarter. Geode Capital Management LLC now owns 864,649 shares of the savings and loans company’s stock valued at $13,756,000 after purchasing an additional 97,826 shares in the last quarter. Mackay Shields LLC purchased a new stake in shares of OceanFirst Financial in the second quarter valued at approximately $1,208,000. Invesco Ltd. raised its stake in shares of OceanFirst Financial by 3.1% during the 1st quarter. Invesco Ltd. now owns 736,018 shares of the savings and loans company’s stock worth $11,710,000 after buying an additional 22,346 shares during the period. Glenmede Trust Co. NA lifted its position in shares of OceanFirst Financial by 237.8% during the 2nd quarter. Glenmede Trust Co. NA now owns 29,820 shares of the savings and loans company’s stock valued at $525,000 after buying an additional 20,991 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake 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 valued at $52,645,000 after acquiring an additional 147,515 shares during the period. Institutional investors and hedge funds 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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