OceanFirst Financial Corp.’s (OCFC) Buy Rating Reiterated at Piper Jaffray Companies

Piper Jaffray Companies reiterated their buy rating on shares of OceanFirst Financial Corp. (NASDAQ:OCFC) in a research note issued to investors on Friday. Piper Jaffray Companies currently has a $31.00 target price on the savings and loans company’s stock.

A number of other brokerages also recently issued reports on OCFC. Zacks Investment Research upgraded shares of OceanFirst Financial Corp. from a strong sell rating to a hold rating in a research note on Tuesday, July 4th. Hovde Group began coverage on shares of OceanFirst Financial Corp. in a research note on Monday, October 9th. They set an outperform rating and a $32.00 price objective on the stock. BidaskClub downgraded shares of OceanFirst Financial Corp. from a hold rating to a sell rating in a research note on Wednesday, July 19th. DA Davidson began coverage on shares of OceanFirst Financial Corp. in a research note on Thursday, September 21st. They set a buy rating and a $31.00 price objective on the stock. Finally, Sandler O’Neill upgraded shares of OceanFirst Financial Corp. from a hold rating to a buy rating and set a $29.00 price objective on the stock in a research note on Wednesday, September 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The company has an average rating of Buy and an average target price of $30.83.

OceanFirst Financial Corp. (OCFC) traded down 3.57% on Friday, reaching $28.08. The company had a trading volume of 46,527 shares. The firm has a market capitalization of $901.99 million, a price-to-earnings ratio of 24.27 and a beta of 0.64. The stock’s 50-day moving average price is $26.97 and its 200 day moving average price is $26.83. OceanFirst Financial Corp. has a 52-week low of $19.94 and a 52-week high of $30.70.

OceanFirst Financial Corp. (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. The firm had revenue of $50.42 million for the quarter, compared to the consensus estimate of $50.41 million. OceanFirst Financial Corp. had a net margin of 18.59% and a return on equity of 8.93%. On average, equities analysts anticipate that OceanFirst Financial Corp. will post $1.55 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.06%. OceanFirst Financial Corp.’s payout ratio is currently 50.00%.

In other news, Director Steven E. Brady sold 3,825 shares of the firm’s 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 sale, the director now directly owns 67,177 shares in the company, valued at approximately $1,672,035.53. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 7.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Comerica Bank boosted its stake in shares of OceanFirst Financial Corp. by 0.4% in the 2nd quarter. Comerica Bank now owns 51,508 shares of the savings and loans company’s stock valued at $1,390,000 after purchasing an additional 225 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of 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 in the last quarter. Voya Investment Management LLC boosted its stake in shares of OceanFirst Financial Corp. by 13.3% in the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock valued at $388,000 after purchasing an additional 1,683 shares in the last quarter. Sei Investments Co. boosted its stake in shares of 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 in the last quarter. Finally, Strs Ohio boosted its stake in shares of OceanFirst Financial Corp. by 6.6% in the 2nd quarter. Strs Ohio now owns 29,200 shares of the savings and loans company’s stock valued at $791,000 after purchasing an additional 1,800 shares in the last quarter. Institutional investors own 67.45% 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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