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

OceanFirst Financial Corp. (NASDAQ:OCFC) has earned an average rating of “Hold” from the five ratings firms that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $18.20.

Several analysts have issued reports on OCFC shares. StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Monday, April 22nd. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Raymond James decreased their target price on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, April 22nd. Stephens reaffirmed an “equal weight” rating and issued a $20.00 price target on shares of OceanFirst Financial in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 price objective (down previously from $22.00) on shares of OceanFirst Financial in a report on Monday, April 22nd.

OceanFirst Financial Stock Performance

Shares of OCFC opened at $15.45 on Tuesday. OceanFirst Financial has a 52-week low of $12.01 and a 52-week high of $19.58. The stock’s 50-day simple moving average is $15.29 and its 200 day simple moving average is $15.45. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market capitalization of $919.74 million, a price-to-earnings ratio of 9.04 and a beta of 1.01.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.18%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s dividend payout ratio (DPR) is currently 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

A number of hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new position in OceanFirst Financial in the 3rd quarter worth approximately $34,000. International Assets Investment Management LLC increased its stake in shares of OceanFirst Financial by 1,240.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company’s stock worth $60,000 after buying an additional 3,213 shares during the period. Cary Street Partners Investment Advisory LLC raised its holdings in OceanFirst Financial by 19.3% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock valued at $139,000 after buying an additional 1,550 shares during the last quarter. SG Americas Securities LLC purchased a new stake in OceanFirst Financial during the 3rd quarter valued at $176,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in OceanFirst Financial by 42.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,725 shares of the savings and loans company’s stock worth $184,000 after acquiring an additional 3,796 shares during the last quarter. 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.