Hovde Group Begins Coverage on OceanFirst Financial Corp. (OCFC)

Hovde Group assumed coverage on shares of OceanFirst Financial Corp. (NASDAQ:OCFC) in a report issued on Monday, MarketBeat.com reports. The firm issued an outperform rating and a $32.00 price objective on the savings and loans company’s stock.

Other research analysts have also issued research reports about the company. Zacks Investment Research raised OceanFirst Financial Corp. from a hold rating to a buy rating and set a $28.00 price objective for the company in a research report on Tuesday, September 5th. DA Davidson initiated coverage on OceanFirst Financial Corp. in a research report on Thursday, September 21st. They set a buy rating and a $31.00 price objective for the company. Sandler O’Neill raised OceanFirst Financial Corp. from a hold rating to a buy rating and set a $29.00 price objective for the company in a research report on Wednesday, September 20th. Finally, BidaskClub lowered OceanFirst Financial Corp. from a hold rating to a sell rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $30.80.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 28.09 on Monday. The company has a market cap of $902.31 million, a P/E ratio of 24.28 and a beta of 0.64. OceanFirst Financial Corp. has a one year low of $19.02 and a one year high of $30.70. The company’s 50-day moving average price is $25.96 and its 200 day moving average price is $26.80.

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In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 3,825 shares of OceanFirst Financial Corp. stock in a transaction on Monday, August 28th. The stock was sold at an average price of $24.89, for a total value of $95,204.25. Following the completion of the sale, the director now owns 67,177 shares of the company’s stock, valued at approximately $1,672,035.53. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 7.00% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of OCFC. Sei Investments Co. increased its holdings in shares of OceanFirst Financial Corp. by 80.5% in the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after purchasing an additional 1,684 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of OceanFirst Financial Corp. by 2,366.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock worth $107,000 after purchasing an additional 3,786 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of OceanFirst Financial Corp. by 6.8% in the 1st quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after purchasing an additional 418 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of OceanFirst Financial Corp. in the 1st quarter worth $228,000. Finally, Voya Investment Management LLC increased its holdings in shares of OceanFirst Financial Corp. by 13.3% in the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after purchasing an additional 1,683 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

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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