OceanFirst Financial Corp. (NASDAQ:OCFC) Given Consensus Rating of "Hold" by Brokerages

Key Points

• OceanFirst Financial has a consensus “Hold” rating from six analysts: five holds and one buy. The average 12-month price target is $21.00, modestly above the stock’s reported opening price of $19.56.
• The company reported quarterly EPS of $0.43, exceeding analysts’ $0.39 estimate, while revenue totaled $103.19 million versus the $143.25 million consensus estimate. Analysts expect full-year EPS of $1.85.
• Institutional investors own approximately 70.98% of OceanFirst Financial’s outstanding shares, with Dimensional Fund Advisors, Vanguard, Wellington Management, T. Rowe Price and Invesco among major holders.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) have been assigned a consensus recommendation of "Hold" from the six ratings firms that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $21.00.

Several brokerages have commented on OCFC. DA Davidson boosted their target price on shares of OceanFirst Financial from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Weiss Ratings raised OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, June 29th. Finally, Piper Sandler set a $19.00 target price on OceanFirst Financial and gave the company a "neutral" rating in a report on Friday, June 12th.

OceanFirst Financial Price Performance

OceanFirst Financial stock opened at $19.56 on Monday. The company has a market capitalization of $1.13 billion, a P/E ratio of 16.72 and a beta of 0.98. OceanFirst Financial has a fifty-two week low of $16.09 and a fifty-two week high of $20.61. The stock has a 50-day simple moving average of $18.82 and a 200-day simple moving average of $18.65. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. The business had revenue of $103.19 million for the quarter, compared to analyst estimates of $143.25 million. Equities research analysts expect that OceanFirst Financial will post 1.85 earnings per share for the current year.

Hedge Funds Weigh In On OceanFirst Financial

A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in OceanFirst Financial by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company's stock valued at $61,499,000 after acquiring an additional 179,364 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of OceanFirst Financial by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 3,407,118 shares of the savings and loans company's stock valued at $61,158,000 after purchasing an additional 9,154 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of OceanFirst Financial by 36.7% during the 4th quarter. Wellington Management Group LLP now owns 3,265,615 shares of the savings and loans company's stock valued at $58,618,000 after buying an additional 877,311 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of OceanFirst Financial during the 4th quarter valued at $38,976,000. Finally, Invesco Ltd. increased its holdings in shares of OceanFirst Financial by 6.6% during the 4th quarter. Invesco Ltd. now owns 1,998,148 shares of the savings and loans company's stock worth $35,867,000 after buying an additional 123,691 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

About OceanFirst Financial

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.

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