Shares of OceanFirst Financial Corp. (NASDAQ: OCFC) have received a consensus recommendation to “Buy” by the eight rating companies that cover the stock, Marketbeat reports. One analyst rated the stock with a hold recommendation, five gave a buy recommendation, and one issued a strong buy recommendation on the company. The 1-year average price target among brokers who hedged the stock in the past year is $ 24.83.
Several analysts recently published reports on the stock. Zacks investment research raised OceanFirst Financial shares from a âholdâ rating to a âbuyâ rating and set a price target of $ 24.00 for the company in a research note Friday. Stephens downgraded OceanFirst Financial shares from an “overweight” to a “par” rating in a report released on Wednesday (November 10th).
OCFC shares opened at $ 21.53 on Monday. OceanFirst Financial has a 52 week low of $ 18.06 and a 52 week high of $ 25.76. The company has a market cap of $ 1.28 billion, a P / E ratio of 11.04 and a beta of 0.95. The company’s 50-day simple moving average is $ 21.70. The company has a quick ratio of 0.92, a current ratio of 0.92, and a debt ratio of 0.17.
OceanFirst Financial (NASDAQ: OCFC) last released its quarterly results on Thursday, October 28. The savings and loan company reported earnings per share (EPS) of $ 0.45 for the quarter, beating the Zacks consensus estimate of $ 0.41 per $ 0.04. OceanFirst Financial had a net margin of 27.87% and a return on equity of 7.32%. The company posted revenue of $ 87.02 million in the quarter, compared to a consensus estimate of $ 87.56 million. As a group, sell-side analysts expect OceanFirst Financial to post 1.82 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 19. Investors registered on Monday, November 8 received a dividend of $ 0.17. The ex-dividend date of this dividend was Friday, November 5. This represents an annualized dividend of $ 0.68 and a dividend yield of 3.16%. OceanFirst Financial’s dividend payout ratio (DPR) is currently 34.87%.
In related news, the director Nicos Katsoulis bought 3,000 shares of the company in a trade on Monday, November 29. The stock was purchased at an average price of $ 20.90 per share, for a total transaction of $ 62,700.00. The transaction was disclosed in a file with the SEC, which can be accessed through this link. 3.80% of the shares are held by insiders of the company.
A number of hedge funds and other institutional investors have recently bought and sold shares in the company. UBS Asset Management Americas Inc. increased its stake in OceanFirst Financial by 1.4% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 50,098 shares of the savings and loan company valued at $ 1,073,000 after purchasing an additional 682 shares in the last quarter. Bank of New York Mellon Corp increased its stake in OceanFirst Financial by 4.4% during the third quarter. Bank of New York Mellon Corp now owns 526,190 shares of the savings and loan company valued at $ 11,266,000 after purchasing an additional 22,071 shares during the period. Deprince Race & Zollo Inc. increased its stake in OceanFirst Financial by 34.5% during the third quarter. Deprince Race & Zollo Inc. now owns 536,840 shares of the savings and loan company valued at $ 11,494,000 after purchasing an additional 137,704 shares during the period. BNP Paribas Arbitrage SA increased its stake in OceanFirst Financial shares by 108.7% in the third quarter. BNP Paribas Arbitrage SA now owns 17,295 shares of the savings and loan company valued at $ 370,000 after purchasing 9,006 additional shares during the period. Finally, Squarepoint Ops LLC acquired a new position in OceanFirst Financial shares in the third quarter valued at approximately $ 304,000. Institutional investors hold 67.94% of the shares of the company.
About OceanFirst Financial
OceanFirst Financial Corp. operates as a savings and loan holding company, which provides financial services. Its subsidiary OceanFirst Bank offers commercial and residential financing solutions, wealth management and deposit services. It has retail branches throughout the state and in the New York metropolis, as well as loan production offices in New Jersey, New York and Pennsylvania.
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