A number of other equities analysts have also commented on OCFC. Zacks Investment Research raised OceanFirst Financial from a sell rating to a hold rating in a research note on Thursday, October 24th. Stephens reissued a hold rating and set a $25.50 target price on shares of OceanFirst Financial in a research report on Wednesday, November 6th. Raymond James upgraded shares of OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 price target for the company in a report on Thursday, August 29th. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of OceanFirst Financial from a sell rating to a hold rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $25.58.
NASDAQ:OCFC traded down $0.15 during trading hours on Friday, hitting $24.46. 112,730 shares of the company were exchanged, compared to its average volume of 149,101. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 12.35 and a beta of 0.78. OceanFirst Financial has a one year low of $20.46 and a one year high of $26.09. The company has a fifty day simple moving average of $24.01 and a 200 day simple moving average of $23.65. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.55.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, October 24th. The savings and loans company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $74.94 million for the quarter, compared to analyst estimates of $75.33 million. OceanFirst Financial had a return on equity of 9.46% and a net margin of 26.72%. Equities research analysts predict that OceanFirst Financial will post 2.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were issued a dividend of $0.17 per share. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. This represents a $0.68 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, November 1st. OceanFirst Financial’s dividend payout ratio (DPR) is presently 34.34%.
Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of OceanFirst Financial by 5.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 411,760 shares of the savings and loans company’s stock valued at $10,233,000 after purchasing an additional 20,525 shares in the last quarter. John W. Rosenthal Capital Management Inc. bought a new position in shares of OceanFirst Financial during the 2nd quarter worth approximately $373,000. State of New Jersey Common Pension Fund D boosted its holdings in shares of OceanFirst Financial by 1,609.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 170,900 shares of the savings and loans company’s stock worth $4,033,000 after buying an additional 160,900 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of OceanFirst Financial during the 2nd quarter worth approximately $6,513,000. Finally, Morgan Stanley grew its position in shares of OceanFirst Financial by 148.8% during the 2nd quarter. Morgan Stanley now owns 75,576 shares of the savings and loans company’s stock worth $1,878,000 after buying an additional 45,194 shares during the period. 70.77% of the stock is owned by hedge funds and other institutional investors.
About OceanFirst Financial
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.
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