Keefe, Bruyette & Woods Lowers OceanFirst Financial (NASDAQ:OCFC) Price Target to $20.00

OceanFirst Financial (NASDAQ:OCFC) had its price objective decreased by analysts at Keefe, Bruyette & Woods from $21.00 to $20.00 in a report issued on Monday,Benzinga reports. The firm presently has a “market perform” rating on the savings and loans company’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 22.66% from the company’s current price.

A number of other research firms also recently weighed in on OCFC. Hovde Group reduced their target price on shares of OceanFirst Financial from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Monday, January 27th. Raymond James lowered their target price on OceanFirst Financial from $24.00 to $21.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Stephens reaffirmed an “equal weight” rating and set a $22.00 price objective on shares of OceanFirst Financial in a report on Friday, January 24th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, OceanFirst Financial currently has an average rating of “Moderate Buy” and a consensus target price of $20.67.

OceanFirst Financial Stock Down 1.5 %

OCFC stock traded down $0.25 during trading on Monday, reaching $16.31. 45,012 shares of the stock were exchanged, compared to its average volume of 294,311. The firm has a market cap of $951.90 million, a P/E ratio of 9.88 and a beta of 0.94. OceanFirst Financial has a twelve month low of $14.03 and a twelve month high of $21.87. The firm’s 50 day moving average is $16.63 and its 200 day moving average is $18.12. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. OceanFirst Financial had a return on equity of 5.75% and a net margin of 14.45%. The business had revenue of $97.91 million during the quarter, compared to the consensus estimate of $95.66 million. As a group, research analysts forecast that OceanFirst Financial will post 1.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its stake in shares of OceanFirst Financial by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,228,902 shares of the savings and loans company’s stock worth $58,442,000 after acquiring an additional 53,476 shares in the last quarter. Invesco Ltd. lifted its position in OceanFirst Financial by 4.2% in the fourth quarter. Invesco Ltd. now owns 1,675,259 shares of the savings and loans company’s stock valued at $30,322,000 after purchasing an additional 67,010 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of OceanFirst Financial by 14.6% during the third quarter. JPMorgan Chase & Co. now owns 1,241,191 shares of the savings and loans company’s stock valued at $23,074,000 after purchasing an additional 157,711 shares during the period. American Century Companies Inc. increased its stake in shares of OceanFirst Financial by 11.2% in the fourth quarter. American Century Companies Inc. now owns 1,208,800 shares of the savings and loans company’s stock worth $21,879,000 after buying an additional 121,923 shares during the period. Finally, Systematic Financial Management LP raised its holdings in OceanFirst Financial by 5.2% during the 4th quarter. Systematic Financial Management LP now owns 964,646 shares of the savings and loans company’s stock valued at $17,460,000 after buying an additional 47,561 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Company Profile

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.