OceanFirst Financial’s (OCFC) “Neutral” Rating Reiterated at Piper Sandler

OceanFirst Financial (NASDAQ:OCFC)‘s stock had its “neutral” rating reissued by equities research analysts at Piper Sandler in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $19.50 price objective on the savings and loans company’s stock, up from their previous price objective of $18.00. Piper Sandler‘s price target would indicate a potential upside of 7.61% from the stock’s current price.

Separately, Weiss Ratings downgraded shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Four analysts have rated the stock with a Hold rating. According to MarketBeat.com, OceanFirst Financial has a consensus rating of “Hold” and a consensus target price of $19.75.

OceanFirst Financial Stock Performance

OCFC opened at $18.12 on Wednesday. The company has a market cap of $1.75 billion, a P/E ratio of 25.08 and a beta of 1.01. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.99. The firm’s 50-day moving average price is $17.42 and its 200-day moving average price is $18.47. OceanFirst Financial has a 52-week low of $15.60 and a 52-week high of $20.61.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. OceanFirst Financial had a net margin of 5.28% and a return on equity of 6.16%. The company had revenue of $185.13 million during the quarter, compared to analysts’ expectations of $177.79 million. As a group, equities analysts anticipate that OceanFirst Financial will post 1.81 EPS for the current fiscal year.

Insider Transactions at OceanFirst Financial

In related news, EVP Brian Schaeffer sold 5,500 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $18.91, for a total value of $104,005.00. Following the transaction, the executive vice president owned 83,068 shares in the company, valued at approximately $1,570,815.88. This represents a 6.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nicos Katsoulis purchased 10,000 shares of OceanFirst Financial stock in a transaction on Friday, October 30th. The shares were acquired at an average cost of $17.83 per share, with a total value of $178,300.00. Following the completion of the transaction, the director directly owned 41,096 shares in the company, valued at $732,741.68. The trade was a 32.16% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 5.40% of the company’s stock.

Institutional Trading of OceanFirst Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. Byrne Asset Management LLC lifted its position in OceanFirst Financial by 7.0% during the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock valued at $180,000 after purchasing an additional 600 shares during the period. Royal Bank of Canada grew its position in OceanFirst Financial by 1.3% during the 1st quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock worth $885,000 after purchasing an additional 608 shares during the period. Quantinno Capital Management LP raised its stake in shares of OceanFirst Financial by 2.4% during the 1st quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company’s stock valued at $533,000 after buying an additional 692 shares during the last quarter. Voya Investment Management LLC raised its stake in shares of OceanFirst Financial by 4.6% during the 3rd quarter. Voya Investment Management LLC now owns 17,952 shares of the savings and loans company’s stock valued at $297,000 after buying an additional 795 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of OceanFirst Financial by 6.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 18,938 shares of the savings and loans company’s stock valued at $342,000 after buying an additional 1,205 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. is the holding company for OceanFirst Bank, a community and regional bank headquartered in Toms River, New Jersey. The bank traces its roots to 1902, when it was established as a local savings institution in Point Pleasant, New Jersey. OceanFirst provides personal and business banking services, including deposit accounts, residential mortgages, commercial real estate and business loans, and cash management services. It also offers related financial services through its banking and wealth management operations.