OceanFirst Financial Corp. (NASDAQ:OCFC) has been given an average rating of “Buy” by the nine research firms that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $33.17.
Several research firms recently commented on OCFC. BidaskClub lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Friday. Hovde Group reissued a “buy” rating and set a $34.00 price target on shares of OceanFirst Financial in a research report on Monday, June 25th. Zacks Investment Research lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Raymond James initiated coverage on OceanFirst Financial in a research report on Thursday, June 28th. They set an “outperform” rating and a $33.00 price target on the stock. Finally, DA Davidson upped their target price on OceanFirst Financial from $33.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, May 24th.
OceanFirst Financial stock traded down $0.09 during midday trading on Friday, hitting $28.82. 143,050 shares of the company were exchanged, compared to its average volume of 154,451. The firm has a market capitalization of $1.40 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.41 and a beta of 0.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.93 and a current ratio of 0.99. OceanFirst Financial has a fifty-two week low of $24.02 and a fifty-two week high of $30.90.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 17th. Shareholders of record on Monday, August 6th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.08%. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, August 3rd. OceanFirst Financial’s dividend payout ratio is presently 35.29%.
In other OceanFirst Financial news, Director Kimberly M. Guadagno bought 1,725 shares of the business’s stock in a transaction on Thursday, August 9th. The shares were bought at an average cost of $28.93 per share, with a total value of $49,904.25. Following the transaction, the director now directly owns 1,725 shares in the company, valued at approximately $49,904.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.80% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in OCFC. SG Americas Securities LLC acquired a new stake in shares of OceanFirst Financial during the 1st quarter valued at approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of OceanFirst Financial by 109.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,018 shares of the savings and loans company’s stock valued at $134,000 after acquiring an additional 2,626 shares in the last quarter. Sei Investments Co. raised its position in shares of OceanFirst Financial by 145.7% during the 2nd quarter. Sei Investments Co. now owns 9,326 shares of the savings and loans company’s stock valued at $280,000 after acquiring an additional 5,530 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of OceanFirst Financial during the 2nd quarter valued at approximately $304,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of OceanFirst Financial during the 1st quarter valued at approximately $374,000. 72.69% of the stock is currently owned by institutional investors.
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.
Further Reading: Are Wall Street analysts’ stock ratings worth following?
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