DA Davidson cut shares of OceanFirst Financial (NASDAQ:OCFC) from a buy rating to a neutral rating in a report published on Monday, BenzingaRatingsTable reports. They currently have $21.50 price objective on the savings and loans company’s stock, down from their prior price objective of $27.00.
Several other analysts also recently issued reports on OCFC. Zacks Investment Research downgraded OceanFirst Financial from a hold rating to a sell rating in a research note on Thursday, August 1st. Keefe, Bruyette & Woods downgraded OceanFirst Financial from an outperform rating to a market perform rating and reduced their price target for the company from $29.00 to $26.50 in a research note on Monday, July 29th. BidaskClub downgraded OceanFirst Financial from a sell rating to a strong sell rating in a research note on Monday, June 24th. Boenning Scattergood restated a hold rating on shares of OceanFirst Financial in a research note on Monday, April 29th. Finally, Sandler O’Neill downgraded OceanFirst Financial from a buy rating to a hold rating in a research note on Monday, July 29th. Three analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. OceanFirst Financial has an average rating of Hold and an average price target of $25.60.
OCFC opened at $20.92 on Monday. The business has a fifty day simple moving average of $24.38 and a 200 day simple moving average of $24.61. The company has a market capitalization of $1.12 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 1.06 and a beta of 0.73. OceanFirst Financial has a 1 year low of $20.74 and a 1 year high of $29.71. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). The firm had revenue of $74.72 million during the quarter, compared to the consensus estimate of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. Equities analysts anticipate that OceanFirst Financial will post 2.06 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.25%. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, August 2nd. OceanFirst Financial’s dividend payout ratio is presently 34.34%.
Large investors have recently added to or reduced their stakes in the company. Quantamental Technologies LLC bought a new stake in shares of OceanFirst Financial during the 2nd quarter valued at $36,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of OceanFirst Financial by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock valued at $93,000 after acquiring an additional 1,585 shares during the period. Bank of Montreal Can lifted its position in shares of OceanFirst Financial by 423,900.0% during the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock valued at $105,000 after acquiring an additional 4,239 shares during the period. SG Americas Securities LLC bought a new stake in shares of OceanFirst Financial during the 1st quarter valued at $191,000. Finally, Legal & General Group Plc lifted its position in shares of OceanFirst Financial by 12.7% during the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after acquiring an additional 934 shares during the period. Hedge funds and other institutional investors own 68.56% of the company’s stock.
OceanFirst Financial Company Profile
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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