OceanFirst Financial (NASDAQ:OCFC) Rating Increased to Hold at DA Davidson

Key Points

• OceanFirst Financial has been upgraded to a "hold" rating by DA Davidson, reflecting a more cautious outlook on the stock's performance.
• Analysts have varied opinions on OCFC, with ratings ranging from "Strong Buy" to "Strong Sell," resulting in an average rating of "Hold" with a price target of $21.80.
• OceanFirst Financial's stock price has increased by 6.2%, trading at $18.79, while the company reported a revenue of $93.08 million in its last quarterly earnings.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) was upgraded by equities research analysts at DA Davidson to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other analysts also recently weighed in on OCFC. Weiss Ratings reiterated a "hold (c)" rating on shares of OceanFirst Financial in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded OceanFirst Financial from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $20.00 to $22.00 in a research note on Friday, October 10th. Finally, Zacks Research downgraded OceanFirst Financial from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $21.80.

OceanFirst Financial Stock Up 6.2%

OceanFirst Financial stock opened at $18.79 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.01. The business's 50-day simple moving average is $17.96 and its two-hundred day simple moving average is $17.35. The company has a market cap of $1.08 billion, a PE ratio of 13.33 and a beta of 1.02. OceanFirst Financial has a fifty-two week low of $14.29 and a fifty-two week high of $21.87.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings results on Wednesday, June 14th. The savings and loans company reported $0.49 earnings per share for the quarter. The business had revenue of $93.08 million for the quarter. OceanFirst Financial had a return on equity of 5.22% and a net margin of 12.89%. Equities analysts anticipate that OceanFirst Financial will post 1.6 EPS for the current year.

Hedge Funds Weigh In On OceanFirst Financial

A number of hedge funds have recently bought and sold shares of OCFC. Envestnet Asset Management Inc. boosted its position in OceanFirst Financial by 61.6% during the first quarter. Envestnet Asset Management Inc. now owns 31,441 shares of the savings and loans company's stock worth $535,000 after purchasing an additional 11,987 shares in the last quarter. Cerity Partners LLC boosted its position in OceanFirst Financial by 7.9% during the first quarter. Cerity Partners LLC now owns 41,609 shares of the savings and loans company's stock worth $708,000 after purchasing an additional 3,033 shares in the last quarter. New York State Common Retirement Fund boosted its position in OceanFirst Financial by 40.8% during the first quarter. New York State Common Retirement Fund now owns 21,744 shares of the savings and loans company's stock worth $370,000 after purchasing an additional 6,300 shares in the last quarter. Denali Advisors LLC purchased a new position in OceanFirst Financial during the first quarter worth approximately $403,000. Finally, Choreo LLC purchased a new position in OceanFirst Financial during the first quarter worth approximately $363,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

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.

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