OceanFirst Financial Corp. (OCFC) Receives New Coverage from Analysts at Hovde Group
Hovde Group initiated coverage on shares of OceanFirst Financial Corp. (NASDAQ:OCFC) in a research report sent to investors on Monday, MarketBeat 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 stock. Zacks Investment Research upgraded shares of OceanFirst Financial Corp. from a hold rating to a buy rating and set a $28.00 target price on the stock in a research report on Tuesday, September 5th. DA Davidson started coverage on shares of OceanFirst Financial Corp. in a report on Thursday, September 21st. They set a buy rating and a $31.00 price target for the company. Sandler O’Neill raised shares of OceanFirst Financial Corp. from a hold rating to a buy rating and set a $29.00 price objective for the company in a research note on Wednesday, September 20th. Finally, BidaskClub downgraded shares of OceanFirst Financial Corp. from a hold rating to a sell rating in a research note on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $30.80.
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In related news, Director Steven E. Brady sold 3,825 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $24.89, for a total value of $95,204.25. Following the completion of the transaction, the director now owns 67,177 shares of the company’s stock, valued at approximately $1,672,035.53. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.00% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Sei Investments Co. lifted its stake in 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 valued at $102,000 after purchasing an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in 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 valued at $107,000 after purchasing an additional 3,786 shares during the last quarter. Legal & General Group Plc lifted its stake in 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 valued at $184,000 after purchasing an additional 418 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in OceanFirst Financial Corp. in the 1st quarter valued at approximately $228,000. Finally, Bank of America Corp DE lifted its stake in OceanFirst Financial Corp. by 55.0% in the 1st quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock valued at $402,000 after purchasing an additional 5,054 shares during 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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