OceanFirst Financial (NASDAQ:OCFC) Upgraded by Piper Sandler to Hold Rating

OceanFirst Financial (NASDAQ:OCFC) was upgraded by equities research analysts at Piper Sandler to a “hold” rating in a research report issued on Friday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of OceanFirst Financial in a research note on Tuesday, April 21st. DA Davidson raised their price objective on shares of OceanFirst Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $21.00.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC opened at $18.60 on Friday. The company has a market cap of $1.07 billion, a PE ratio of 15.90 and a beta of 0.99. OceanFirst Financial has a twelve month low of $16.09 and a twelve month high of $20.61. The company’s 50 day moving average is $18.64 and its 200 day moving average is $18.71. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, April 23rd. The savings and loans company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. The business had revenue of $103.20 million for the quarter, compared to analysts’ expectations of $143.25 million. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. On average, sell-side analysts forecast that OceanFirst Financial will post 1.87 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its position in shares of OceanFirst Financial by 458.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company’s stock valued at $150,000 after buying an additional 6,998 shares in the last quarter. Byrne Asset Management LLC purchased a new position in shares of OceanFirst Financial during the 4th quarter valued at approximately $155,000. CANADA LIFE ASSURANCE Co lifted its position in shares of OceanFirst Financial by 7.0% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock valued at $181,000 after buying an additional 673 shares in the last quarter. ProShare Advisors LLC purchased a new position in shares of OceanFirst Financial during the 4th quarter valued at approximately $184,000. Finally, Corient Private Wealth LLC purchased a new position in shares of OceanFirst Financial during the 4th quarter valued at approximately $186,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.