Hovde Group Cuts OceanFirst Financial (NASDAQ:OCFC) Price Target to $22.00

OceanFirst Financial (NASDAQ:OCFC - Free Report) had its target price cut by Hovde Group from $23.00 to $22.00 in a research report report published on Monday, MarketBeat.com reports. They currently have an outperform rating on the savings and loans company's stock.

A number of other analysts also recently commented on OCFC. DA Davidson reiterated a "neutral" rating and set a $22.00 target price on shares of OceanFirst Financial in a research report on Wednesday, December 4th. Keefe, Bruyette & Woods increased their target price on OceanFirst Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Raymond James upgraded OceanFirst Financial from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, December 19th. Stephens restated an "equal weight" rating and set a $22.00 price target on shares of OceanFirst Financial in a research note on Friday. Finally, Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the company a "neutral" rating in a research note on Friday, October 18th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $20.83.

OceanFirst Financial Stock Down 0.4 %

OCFC stock traded down $0.08 during trading on Monday, hitting $18.73. 349,753 shares of the company's stock were exchanged, compared to its average volume of 315,133. The business has a 50-day moving average price of $19.12 and a two-hundred day moving average price of $18.31. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.70 and a beta of 1.06. OceanFirst Financial has a 52-week low of $14.03 and a 52-week high of $21.87. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The savings and loans company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. As a group, equities research analysts expect that OceanFirst Financial will post 1.59 EPS for the current year.

OceanFirst Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Monday, February 3rd will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Monday, February 3rd. OceanFirst Financial's dividend payout ratio is presently 45.71%.

Insider Buying and Selling

In related news, Director Joseph M. Jr. Murphy sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.03, for a total value of $30,045.00. Following the sale, the director now directly owns 177,417 shares in the company, valued at $3,553,662.51. This trade represents a 0.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.00% of the company's stock.

Institutional Trading of OceanFirst Financial

Several large investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in shares of OceanFirst Financial during the 3rd quarter valued at $25,000. Versant Capital Management Inc boosted its position in shares of OceanFirst Financial by 1,036.4% in the fourth quarter. Versant Capital Management Inc now owns 1,466 shares of the savings and loans company's stock worth $27,000 after buying an additional 1,337 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of OceanFirst Financial in the third quarter worth $41,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of OceanFirst Financial by 82.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,055 shares of the savings and loans company's stock worth $57,000 after buying an additional 1,379 shares during the period. Finally, Meeder Asset Management Inc. boosted its position in shares of OceanFirst Financial by 98.3% in the third quarter. Meeder Asset Management Inc. now owns 7,737 shares of the savings and loans company's stock worth $144,000 after buying an additional 3,835 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.