OceanFirst Financial (OCFC) Rating Increased to Sell at BidaskClub
BidaskClub upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a strong sell rating to a sell rating in a research report report published on Monday morning.
OCFC has been the subject of several other reports. Zacks Investment Research downgraded OceanFirst Financial from a buy rating to a hold rating in a research report on Wednesday, November 22nd. ValuEngine downgraded OceanFirst Financial from a buy rating to a hold rating in a research report on Thursday, November 9th. Keefe, Bruyette & Woods reiterated a buy rating and set a $37.00 target price on shares of OceanFirst Financial in a research report on Friday, December 22nd. Hovde Group assumed coverage on OceanFirst Financial in a research note on Monday, October 9th. They set an outperform rating and a $32.00 price target on the stock. Finally, Piper Jaffray Companies restated a buy rating and set a $31.00 price target on shares of OceanFirst Financial in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. OceanFirst Financial presently has an average rating of Buy and an average target price of $31.67.
Shares of OceanFirst Financial (OCFC) opened at $25.96 on Monday. OceanFirst Financial has a 52-week low of $24.02 and a 52-week high of $30.65. The firm has a market capitalization of $851.38, a price-to-earnings ratio of 15.37, a PEG ratio of 1.38 and a beta of 0.56. 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 also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Monday, February 5th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.60 annualized dividend and a dividend yield of 2.31%. OceanFirst Financial’s dividend payout ratio is currently 46.88%.
In other news, CAO Joseph R. Iantosca sold 5,000 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $26.40, for a total transaction of $132,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven E. Brady sold 20,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $26.02, for a total value of $520,400.00. The disclosure for this sale can be found here. Company insiders own 7.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of OceanFirst Financial during the third quarter valued at $165,000. Trexquant Investment LP purchased a new position in OceanFirst Financial in the third quarter valued at about $201,000. Legal & General Group Plc grew its stake in OceanFirst Financial by 16.2% in the second quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock valued at $206,000 after purchasing an additional 1,058 shares during the last quarter. First Republic Investment Management Inc. purchased a new position in OceanFirst Financial in the third quarter valued at about $224,000. Finally, Teacher Retirement System of Texas purchased a new position in OceanFirst Financial in the fourth quarter valued at about $249,000. Hedge funds and other institutional investors own 71.05% of the company’s stock.
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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.
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