OceanFirst Financial Corp. (NASDAQ:OCFC) Receives Consensus Rating of “Hold” from Brokerages

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) have received a consensus rating of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $21.00.

OCFC has been the topic of several research reports. Piper Sandler set a $19.00 price target on shares of OceanFirst Financial and gave the stock a “neutral” rating in a research report on Friday, June 12th. DA Davidson raised their price objective on shares of OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. bought a new position in shares of OceanFirst Financial in the fourth quarter valued at $38,976,000. Wellington Management Group LLP boosted its stake in shares of OceanFirst Financial by 97.9% during the 3rd quarter. Wellington Management Group LLP now owns 2,388,304 shares of the savings and loans company’s stock worth $41,963,000 after acquiring an additional 1,181,553 shares in the last quarter. Systematic Financial Management LP grew its holdings in shares of OceanFirst Financial by 15.1% in the 1st quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company’s stock worth $24,960,000 after acquiring an additional 181,557 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of OceanFirst Financial by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company’s stock worth $61,499,000 after acquiring an additional 179,364 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of OceanFirst Financial by 114.9% during the first quarter. Renaissance Technologies LLC now owns 307,356 shares of the savings and loans company’s stock worth $5,545,000 after purchasing an additional 164,313 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

OceanFirst Financial Stock Up 0.5%

OCFC opened at $19.62 on Thursday. OceanFirst Financial has a one year low of $16.09 and a one year high of $20.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day moving average is $18.61 and its 200-day moving average is $18.65. The company has a market capitalization of $1.13 billion, a PE ratio of 16.77 and a beta of 0.98.

OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.04. The business had revenue of $103.19 million during the quarter, compared to analysts’ expectations of $143.25 million. OceanFirst Financial had a return on equity of 5.35% and a net margin of 10.04%. On average, equities analysts predict that OceanFirst Financial will post 1.84 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, April 27th. OceanFirst Financial’s dividend payout ratio (DPR) is presently 68.38%.

OceanFirst Financial Company Profile

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.