OceanFirst Financial (OCFC) Downgraded to Sell at BidaskClub

BidaskClub downgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other brokerages have also issued reports on OCFC. Piper Jaffray Companies reiterated a buy rating and issued a $31.00 price target on shares of OceanFirst Financial in a research note on Friday, October 27th. ValuEngine upgraded OceanFirst Financial from a hold rating to a buy rating in a research note on Friday, December 1st. Zacks Investment Research upgraded OceanFirst Financial from a hold rating to a buy rating and set a $31.00 price target on the stock in a research note on Thursday, November 2nd. Hovde Group began coverage on OceanFirst Financial in a research note on Monday, October 9th. They issued an outperform rating and a $32.00 price target on the stock. Finally, Keefe, Bruyette & Woods reiterated a buy rating and issued a $37.00 price target on shares of OceanFirst Financial in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $31.83.

OceanFirst Financial (NASDAQ OCFC) traded up $0.34 during trading on Friday, reaching $27.97. The company’s stock had a trading volume of 116,883 shares, compared to its average volume of 137,901. OceanFirst Financial has a 12-month low of $24.02 and a 12-month high of $30.65. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $911.32, a price-to-earnings ratio of 17.16, a PEG ratio of 1.55 and a beta of 0.60.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.45. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. The firm had revenue of $50.42 million for the quarter, compared to analyst estimates of $50.41 million. equities analysts expect that OceanFirst Financial will post 1.7 earnings per share for the current year.

In related news, Director Steven E. Brady sold 2,800 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the sale, the director now owns 72,562 shares of the company’s stock, valued at approximately $2,006,339.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 7.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its holdings in shares of OceanFirst Financial by 2,366.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock valued at $107,000 after acquiring an additional 3,786 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of OceanFirst Financial during the 3rd quarter valued at $165,000. Trexquant Investment LP acquired a new stake in shares of OceanFirst Financial during the 3rd quarter valued at $201,000. Legal & General Group Plc boosted its holdings in shares of OceanFirst Financial by 16.2% during the 2nd quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock valued at $206,000 after acquiring an additional 1,058 shares in the last quarter. Finally, First Republic Investment Management Inc. acquired a new stake in shares of OceanFirst Financial during the 3rd quarter valued at $224,000. 70.93% of the stock is currently owned by institutional investors.

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OceanFirst Financial Company Profile

OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.

Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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