OceanFirst Financial (NASDAQ:OCFC) Price Target Raised to $21.50

OceanFirst Financial (NASDAQ:OCFC) had its target price upped by Hovde Group from $19.50 to $21.50 in a research note published on Friday morning, MarketBeat.com reports. The firm currently has an outperform rating on the savings and loans company’s stock.

Separately, Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $18.00 price objective (down from $19.00) on shares of OceanFirst Financial in a report on Friday, May 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $18.90.

OceanFirst Financial Stock Down 0.3 %

OceanFirst Financial stock opened at $18.15 on Friday. The firm has a market cap of $1.07 billion, a PE ratio of 10.61 and a beta of 1.01. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.01 and a current ratio of 1.01. The firm’s 50 day moving average price is $17.30 and its two-hundred day moving average price is $16.00. OceanFirst Financial has a twelve month low of $12.01 and a twelve month high of $18.98.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.03). OceanFirst Financial had a return on equity of 5.85% and a net margin of 14.78%. The business had revenue of $170.41 million for the quarter, compared to analyst estimates of $94.93 million. During the same quarter last year, the company earned $0.46 EPS. On average, research analysts predict that OceanFirst Financial will post 1.58 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.20 dividend. The ex-dividend date was Monday, August 5th. This represents a $0.80 annualized dividend and a dividend yield of 4.41%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. lifted its position in OceanFirst Financial by 54.8% during the second quarter. Point72 Asset Management L.P. now owns 16,255 shares of the savings and loans company’s stock worth $258,000 after purchasing an additional 5,755 shares during the period. Creative Planning lifted its holdings in shares of OceanFirst Financial by 254.6% in the second quarter. Creative Planning now owns 40,214 shares of the savings and loans company’s stock worth $639,000 after acquiring an additional 28,874 shares during the last quarter. Algert Global LLC lifted its holdings in shares of OceanFirst Financial by 12.6% in the second quarter. Algert Global LLC now owns 48,292 shares of the savings and loans company’s stock worth $767,000 after acquiring an additional 5,388 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of OceanFirst Financial by 24.4% in the second quarter. AQR Capital Management LLC now owns 807,280 shares of the savings and loans company’s stock worth $12,828,000 after acquiring an additional 158,590 shares during the last quarter. Finally, Caxton Associates LP lifted its holdings in shares of OceanFirst Financial by 40.6% in the second quarter. Caxton Associates LP now owns 18,589 shares of the savings and loans company’s stock worth $295,000 after acquiring an additional 5,370 shares during the last quarter. 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.