OceanFirst Financial’s (OCFC) Buy Rating Reaffirmed at DA Davidson

DA Davidson reiterated their buy rating on shares of OceanFirst Financial (NASDAQ:OCFC) in a research report sent to investors on Tuesday, Zacks.com reports. DA Davidson also issued estimates for OceanFirst Financial’s Q3 2019 earnings at $0.52 EPS, FY2019 earnings at $2.07 EPS and FY2020 earnings at $2.15 EPS.

Several other equities analysts have also commented on the company. Keefe, Bruyette & Woods lowered OceanFirst Financial from an outperform rating to a market perform rating and dropped their target price for the company from $29.00 to $26.50 in a report on Monday. Sandler O’Neill downgraded shares of OceanFirst Financial from a buy rating to a hold rating in a research note on Monday. Zacks Investment Research downgraded shares of OceanFirst Financial from a buy rating to a hold rating in a research note on Wednesday, July 3rd. BidaskClub downgraded shares of OceanFirst Financial from a sell rating to a strong sell rating in a research note on Monday, June 24th. Finally, Boenning Scattergood restated a hold rating on shares of OceanFirst Financial in a research note on Monday, April 29th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $27.17.

NASDAQ:OCFC traded down $0.39 during trading hours on Tuesday, hitting $23.51. The company’s stock had a trading volume of 2,058 shares, compared to its average volume of 143,810. The company has a market capitalization of $1.25 billion, a PE ratio of 11.89, a P/E/G ratio of 1.14 and a beta of 0.74. The company has a fifty day simple moving average of $24.89. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. OceanFirst Financial has a 52-week low of $21.30 and a 52-week high of $29.71.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.04). The business had revenue of $74.72 million during the quarter, compared to analysts’ expectations of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.69%. As a group, analysts predict that OceanFirst Financial will post 2.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Monday, August 5th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.89%. The ex-dividend date is Friday, August 2nd. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s dividend payout ratio is currently 34.34%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank boosted its stake in OceanFirst Financial by 26.5% in the second quarter. Swiss National Bank now owns 89,233 shares of the savings and loans company’s stock valued at $2,217,000 after acquiring an additional 18,700 shares in the last quarter. Comerica Bank boosted its stake in shares of OceanFirst Financial by 7.1% during the second quarter. Comerica Bank now owns 111,684 shares of the savings and loans company’s stock worth $2,808,000 after buying an additional 7,448 shares during the period. Emerald Mutual Fund Advisers Trust boosted its stake in shares of OceanFirst Financial by 19.2% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 688,829 shares of the savings and loans company’s stock worth $17,117,000 after buying an additional 111,077 shares during the period. Emerald Advisers LLC boosted its stake in shares of OceanFirst Financial by 26.2% during the second quarter. Emerald Advisers LLC now owns 746,111 shares of the savings and loans company’s stock worth $18,541,000 after buying an additional 154,764 shares during the period. Finally, Aperio Group LLC acquired a new stake in shares of OceanFirst Financial during the second quarter worth about $225,000. Institutional investors own 67.78% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

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Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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