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

Several other equities research analysts have also recently issued reports on OCFC. Zacks Investment Research upgraded OceanFirst Financial Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a research note on Wednesday, May 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $32.00 target price on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd.

OceanFirst Financial Corp. (NASDAQ OCFC) traded down 0.3945% during midday trading on Wednesday, reaching $26.9134. The company had a trading volume of 67,943 shares. The stock has a market cap of $858.54 million, a P/E ratio of 24.1376 and a beta of 0.62. OceanFirst Financial Corp. has a 12 month low of $18.46 and a 12 month high of $30.70. The firm has a 50-day moving average of $27.15 and a 200-day moving average of $28.09.

OceanFirst Financial Corp. announced that its board has authorized a stock repurchase program on Thursday, April 27th that allows the company to buyback 1,600,000 shares. This buyback authorization allows the savings and loans company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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In other OceanFirst Financial Corp. news, CAO Joseph R. Iantosca sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $27.96, for a total transaction of $55,920.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald E. Mclaughlin sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $26.74, for a total value of $80,220.00. The disclosure for this sale can be found here. Insiders have sold 58,175 shares of company stock valued at $1,555,556 over the last 90 days. Corporate insiders own 11.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in OCFC. Goldman Sachs Group Inc. boosted its stake in OceanFirst Financial Corp. by 5.3% in the first quarter. Goldman Sachs Group Inc. now owns 774,736 shares of the savings and loans company’s stock valued at $21,828,000 after buying an additional 39,250 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in OceanFirst Financial Corp. by 14.0% in the first quarter. Driehaus Capital Management LLC now owns 202,188 shares of the savings and loans company’s stock valued at $5,697,000 after buying an additional 24,817 shares during the last quarter. Credit Suisse AG boosted its stake in OceanFirst Financial Corp. by 25.5% in the first quarter. Credit Suisse AG now owns 22,606 shares of the savings and loans company’s stock valued at $637,000 after buying an additional 4,594 shares during the last quarter. Bank of America Corp DE boosted its stake in OceanFirst Financial Corp. by 55.0% in the first quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock valued at $402,000 after buying an additional 5,054 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in OceanFirst Financial Corp. by 5.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 99,044 shares of the savings and loans company’s stock valued at $2,791,000 after buying an additional 5,130 shares during the last quarter. Hedge funds and other institutional investors own 66.59% of the company’s stock.

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.

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