OceanFirst Financial’s (OCFC) Buy Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their buy rating on shares of OceanFirst Financial (NASDAQ:OCFC) in a research note released on Friday morning. They currently have a $37.00 target price on the savings and loans company’s stock.

A number of other equities analysts have also weighed in on the stock. BidaskClub upgraded shares of OceanFirst Financial from a strong sell rating to a sell rating in a report on Friday. ValuEngine upgraded shares of OceanFirst Financial from a hold rating to a buy rating in a report on Friday, December 1st. Zacks Investment Research lowered shares of OceanFirst Financial from a buy rating to a hold rating in a report on Wednesday, November 22nd. Piper Jaffray Companies restated a buy rating and issued a $31.00 price objective on shares of OceanFirst Financial in a report on Friday, October 27th. Finally, Hovde Group assumed coverage on shares of OceanFirst Financial in a report on Monday, October 9th. They issued an outperform rating and a $32.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. OceanFirst Financial currently has a consensus rating of Buy and an average price target of $31.83.

Shares of OceanFirst Financial (NASDAQ:OCFC) traded up $0.03 on Friday, hitting $26.94. The stock had a trading volume of 513,032 shares, compared to its average volume of 178,989. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94. OceanFirst Financial has a 12-month low of $24.02 and a 12-month high of $30.70. The company has a market cap of $876.79, a PE ratio of 22.45, a P/E/G ratio of 1.58 and a beta of 0.60.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. The firm had revenue of $50.42 million for the quarter, compared to analysts’ expectations of $50.41 million. sell-side analysts forecast that OceanFirst Financial will post 1.7 EPS for the current fiscal year.

In other OceanFirst Financial news, Director Steven E. Brady sold 2,800 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $27.65, for a total transaction of $77,420.00. Following the completion of the sale, the director now directly owns 72,562 shares in the company, valued at approximately $2,006,339.30. The sale was disclosed in a document filed with the SEC, which is available through this link. 7.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in OCFC. Sei Investments Co. increased its stake in shares of OceanFirst Financial by 80.5% in the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after purchasing an additional 1,684 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of OceanFirst Financial 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 worth $107,000 after purchasing an additional 3,786 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of OceanFirst Financial in the 3rd quarter worth $165,000. Trexquant Investment LP purchased a new stake in shares of OceanFirst Financial in the 3rd quarter worth $201,000. Finally, Legal & General Group Plc increased its stake in shares of OceanFirst Financial by 16.2% in the 2nd quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock worth $206,000 after purchasing an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 70.93% of the company’s stock.

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About OceanFirst Financial

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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