Raymond James Cuts OceanFirst Financial (NASDAQ:OCFC) Price Target to $20.00

OceanFirst Financial (NASDAQ:OCFC) had its price objective lowered by Raymond James from $22.00 to $20.00 in a research note published on Monday, Benzinga reports. Raymond James currently has an outperform rating on the savings and loans company’s stock.

Several other research firms have also weighed in on OCFC. TheStreet upgraded OceanFirst Financial from a c+ rating to a b- rating in a report on Monday, January 8th. StockNews.com lowered OceanFirst Financial from a hold rating to a sell rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods restated an outperform rating and set a $19.00 target price (down from $22.00) on shares of OceanFirst Financial in a report on Monday. Finally, Stephens restated an equal weight rating and set a $20.00 target price on shares of OceanFirst Financial in a report on Friday, April 19th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, OceanFirst Financial presently has a consensus rating of Hold and a consensus target price of $18.20.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC opened at $15.47 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. OceanFirst Financial has a 1 year low of $12.01 and a 1 year high of $19.58. The business has a fifty day simple moving average of $15.34 and a 200 day simple moving average of $15.40. The firm has a market cap of $920.93 million, a price-to-earnings ratio of 9.05 and a beta of 1.00.

OceanFirst Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be paid a $0.20 dividend. The ex-dividend date is Friday, May 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.17%. OceanFirst Financial’s payout ratio is presently 46.78%.

Hedge Funds Weigh In On OceanFirst Financial

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in OceanFirst Financial by 1.8% during the third quarter. Vanguard Group Inc. now owns 3,295,098 shares of the savings and loans company’s stock worth $47,680,000 after buying an additional 57,423 shares in the last quarter. Boston Partners raised its position in shares of OceanFirst Financial by 11.1% during the 3rd quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock valued at $19,660,000 after acquiring an additional 139,646 shares during the last quarter. Invesco Ltd. raised its position in shares of OceanFirst Financial by 3.4% during the 3rd quarter. Invesco Ltd. now owns 1,234,836 shares of the savings and loans company’s stock valued at $17,868,000 after acquiring an additional 40,030 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of OceanFirst Financial by 6.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock valued at $18,160,000 after buying an additional 66,868 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in OceanFirst Financial by 20.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock worth $14,485,000 after purchasing an additional 139,047 shares during the period. 70.98% of the stock is currently owned by institutional investors.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.