OceanFirst Financial (NASDAQ:OCFC) Lifted to Buy at StockNews.com

OceanFirst Financial (NASDAQ:OCFCGet Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Separately, DA Davidson reaffirmed a “buy” rating on shares of OceanFirst Financial in a research note on Wednesday, July 27th.

OceanFirst Financial Stock Down 1.1 %

OCFC stock opened at $20.28 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. OceanFirst Financial has a 1 year low of $18.24 and a 1 year high of $24.25. The company has a fifty day simple moving average of $20.18 and a 200 day simple moving average of $19.82. The firm has a market cap of $1.20 billion, a PE ratio of 12.29 and a beta of 0.83.

Insider Buying and Selling

In other news, CFO Patrick Sean Barrett bought 10,500 shares of the company’s stock in a transaction that occurred on Friday, June 24th. The shares were purchased at an average price of $18.91 per share, for a total transaction of $198,555.00. Following the acquisition, the chief financial officer now directly owns 20,508 shares of the company’s stock, valued at approximately $387,806.28. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Patrick Sean Barrett acquired 10,500 shares of the company’s stock in a transaction dated Friday, June 24th. The shares were bought at an average price of $18.91 per share, for a total transaction of $198,555.00. Following the acquisition, the chief financial officer now owns 20,508 shares in the company, valued at approximately $387,806.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael D. Devlin sold 60,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following the transaction, the director now owns 52,114 shares in the company, valued at approximately $1,074,069.54. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new position in shares of OceanFirst Financial during the 4th quarter worth about $37,000. SeaCrest Wealth Management LLC bought a new stake in OceanFirst Financial in the second quarter valued at about $41,000. Great West Life Assurance Co. Can increased its stake in OceanFirst Financial by 23.0% in the first quarter. Great West Life Assurance Co. Can now owns 4,917 shares of the savings and loans company’s stock valued at $103,000 after acquiring an additional 919 shares during the period. Amalgamated Bank bought a new stake in OceanFirst Financial in the first quarter valued at about $141,000. Finally, Dark Forest Capital Management LP increased its stake in OceanFirst Financial by 9.3% in the second quarter. Dark Forest Capital Management LP now owns 8,385 shares of the savings and loans company’s stock valued at $160,000 after acquiring an additional 714 shares during the period. Institutional investors own 70.54% of the company’s stock.

OceanFirst Financial Company Profile

(Get Rating)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

Further Reading

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