OceanFirst Financial (NASDAQ:OCFC) Stock Price Expected to Rise, DA Davidson Analyst Says

Key Points

• DA Davidson raised its price target on OCFC from $19 to $20 and kept a "neutral" rating, implying roughly a 4.8% upside from the current price.
• OceanFirst reported quarterly $0.43 EPS, beating the $0.39 estimate, but revenue missed at $103.2M versus $143.25M expected.
• Analysts' consensus is a "Hold" with an average price target of $21.67; the stock traded near $19.08 (market cap ≈ $1.10B, P/E ~16.3) and about 71% institutional ownership.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) had its price target lifted by stock analysts at DA Davidson from $19.00 to $20.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the savings and loans company's stock. DA Davidson's price target points to a potential upside of 4.81% from the company's current price.

A number of other brokerages have also recently weighed in on OCFC. Weiss Ratings reiterated a "hold (c)" rating on shares of OceanFirst Financial in a research report on Tuesday, April 21st. Raymond James Financial cut shares of OceanFirst Financial from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 31st. Finally, Wall Street Zen upgraded shares of OceanFirst Financial from a "sell" rating to a "hold" rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, OceanFirst Financial has a consensus rating of "Hold" and an average price target of $21.67.

OceanFirst Financial Price Performance

NASDAQ OCFC traded up $0.19 during mid-day trading on Tuesday, hitting $19.08. The stock had a trading volume of 258,289 shares, compared to its average volume of 707,842. The firm's 50 day moving average is $18.45 and its 200 day moving average is $18.63. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 16.29 and a beta of 1.00. OceanFirst Financial has a twelve month low of $16.09 and a twelve month high of $20.61.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.04. OceanFirst Financial had a return on equity of 5.37% and a net margin of 10.04%.The business had revenue of $103.20 million for the quarter, compared to analysts' expectations of $143.25 million. Equities research analysts forecast that OceanFirst Financial will post 1.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OceanFirst Financial

Several large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OceanFirst Financial by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company's stock worth $582,000 after buying an additional 1,461 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of OceanFirst Financial by 5.5% in the first quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company's stock valued at $2,390,000 after purchasing an additional 7,359 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of OceanFirst Financial by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company's stock worth $2,417,000 after purchasing an additional 11,262 shares during the period. Jane Street Group LLC grew its position in OceanFirst Financial by 107.0% in the 1st quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company's stock valued at $1,503,000 after buying an additional 45,673 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in OceanFirst Financial by 15.6% in the 2nd quarter. Prudential Financial Inc. now owns 24,450 shares of the savings and loans company's stock valued at $431,000 after buying an additional 3,295 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

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.

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