OceanFirst Financial (NASDAQ:OCFC) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.
Other analysts also recently issued research reports about the company. Piper Jaffray Companies reiterated a “buy” rating and set a $31.00 price target on shares of OceanFirst Financial in a research note on Friday, October 27th. Zacks Investment Research upgraded OceanFirst Financial from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 3rd. DA Davidson began coverage on OceanFirst Financial in a research note on Thursday, September 21st. They set a “buy” rating and a $31.00 price target for the company. Sandler O’Neill upgraded OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Wednesday, September 20th. Finally, BidaskClub downgraded OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $31.00.
Shares of OceanFirst Financial (NASDAQ OCFC) opened at $27.95 on Friday. The stock has a market capitalization of $910.67, a PE ratio of 17.15, a PEG ratio of 1.64 and a beta of 0.60. OceanFirst Financial has a 52 week low of $24.02 and a 52 week high of $30.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94.
In related news, Director Steven E. Brady sold 2,800 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the completion of the sale, the director now owns 72,562 shares in the company, valued at approximately $2,006,339.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 7.00% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in OCFC. Sei Investments Co. boosted its stake in OceanFirst Financial by 80.5% during the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock valued at $102,000 after purchasing an additional 1,684 shares during the period. BNP Paribas Arbitrage SA boosted its stake in OceanFirst Financial by 2,366.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock valued at $107,000 after purchasing an additional 3,786 shares during the period. SG Americas Securities LLC bought a new stake in shares of OceanFirst Financial in the 3rd quarter worth approximately $165,000. Legal & General Group Plc lifted its position in shares of OceanFirst Financial 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 acquiring an additional 418 shares during the period. Finally, Trexquant Investment LP bought a new stake in shares of OceanFirst Financial in the 3rd quarter worth approximately $201,000. Hedge funds and other institutional investors own 70.93% of the company’s stock.
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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