OceanFirst Financial Corp. (NASDAQ:OCFC) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods restated a “buy” rating and issued a $32.00 price objective on shares of OceanFirst Financial Corp. in a research report on Wednesday, May 3rd. Zacks Investment Research upgraded shares of OceanFirst Financial Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective for the company in a research report on Wednesday, May 3rd.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) traded up 0.19% during trading on Wednesday, hitting $27.03. The company had a trading volume of 149,590 shares. The firm has a market capitalization of $862.26 million, a P/E ratio of 24.24 and a beta of 0.62. The stock’s 50-day moving average is $27.11 and its 200 day moving average is $28.10. OceanFirst Financial Corp. has a 52-week low of $18.34 and a 52-week high of $30.70.

OceanFirst Financial Corp. announced that its board has initiated a share buyback plan on Thursday, April 27th that authorizes the company to buyback 1,600,000 shares. This buyback authorization authorizes the savings and loans company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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In other news, Director Steven E. Brady sold 8,000 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $28.18, for a total transaction of $225,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Joseph R. Iantosca sold 2,000 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $27.96, for a total transaction of $55,920.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,175 shares of company stock valued at $1,555,556. Insiders own 11.10% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its position in shares of OceanFirst Financial Corp. by 6.8% in the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after buying an additional 418 shares during the period. AQR Capital Management LLC acquired a new position in shares of OceanFirst Financial Corp. during the fourth quarter worth $205,000. UBS Asset Management Americas Inc. acquired a new position in shares of OceanFirst Financial Corp. during the first quarter worth $228,000. Highbridge Capital Management LLC acquired a new position in shares of OceanFirst Financial Corp. during the fourth quarter worth $394,000. Finally, Bank of America Corp DE boosted its position in shares of OceanFirst Financial Corp. by 55.0% in the first quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock worth $402,000 after buying an additional 5,054 shares during the period. Institutional investors own 66.59% of the company’s stock.

About OceanFirst Financial Corp.

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.

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