OceanFirst Financial Corp. (NASDAQ:OCFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 19.31 on Thursday. OceanFirst Financial Corp. has a 52 week low of $15.98 and a 52 week high of $21.00. The firm’s 50-day moving average is $19.45 and its 200-day moving average is $18.58. The stock has a market capitalization of $434.05 million, a price-to-earnings ratio of 20.22 and a beta of 0.65.

OceanFirst Financial Corp. (NASDAQ:OCFC) last announced its earnings results on Thursday, July 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.10. OceanFirst Financial Corp. had a net margin of 15.10% and a return on equity of 8.97%. Analysts forecast that OceanFirst Financial Corp. will post $1.18 earnings per share for the current fiscal year.

In related news, Chairman John R. Garbarino sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $18.84, for a total transaction of $188,400.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman John R. Garbarino sold 160,220 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $19.25, for a total transaction of $3,084,235.00. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.

Several large investors have recently made changes to their positions in OCFC. Patriot Financial Partners GP LP purchased a new stake in shares of OceanFirst Financial Corp. during the second quarter worth approximately $8,560,000. Integre Asset Management LLC purchased a new stake in shares of OceanFirst Financial Corp. during the second quarter worth approximately $4,196,000. Vanguard Group Inc. increased its stake in shares of OceanFirst Financial Corp. by 39.9% in the second quarter. Vanguard Group Inc. now owns 700,918 shares of the company’s stock worth $12,736,000 after buying an additional 200,008 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of OceanFirst Financial Corp. by 54.6% in the second quarter. BlackRock Fund Advisors now owns 535,689 shares of the company’s stock worth $9,733,000 after buying an additional 189,259 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of OceanFirst Financial Corp. by 79.4% in the second quarter. Wedge Capital Management L L P NC now owns 426,995 shares of the company’s stock worth $7,758,000 after buying an additional 188,916 shares in the last quarter. 60.77% of the stock is currently owned by institutional investors.

OceanFirst Financial Corp. 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.

5 Day Chart for NASDAQ:OCFC

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