OceanFirst Financial (NASDAQ:OCFC) Price Target Cut to $20.00 by Analysts at Raymond James

OceanFirst Financial (NASDAQ:OCFC) had its target price trimmed by Raymond James from $22.00 to $20.00 in a research note published on Monday morning, Benzinga reports. The firm currently has an outperform rating on the savings and loans company’s stock.

Other analysts have also issued research reports about the stock. StockNews.com lowered shares of OceanFirst Financial from a hold rating to a sell rating in a research note on Thursday, March 28th. Stephens reiterated an equal weight rating and set a $20.00 target price on shares of OceanFirst Financial in a research report on Friday. Keefe, Bruyette & Woods reiterated an outperform rating and set a $19.00 target price (down previously from $22.00) on shares of OceanFirst Financial in a research report on Monday. Finally, TheStreet upgraded shares of OceanFirst Financial from a c+ rating to a b- rating in a research report on Monday, January 8th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, OceanFirst Financial presently has a consensus rating of Hold and a consensus target price of $18.20.

OceanFirst Financial Stock Performance

NASDAQ OCFC opened at $14.98 on Monday. OceanFirst Financial has a 1 year low of $12.01 and a 1 year high of $19.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $891.79 million, a price-to-earnings ratio of 8.76 and a beta of 1.00. The company has a fifty day moving average price of $15.32 and a 200-day moving average price of $15.39.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.34%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s payout ratio is 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

A number of institutional investors and hedge funds have recently modified their holdings of OCFC. Quantbot Technologies LP purchased a new stake in shares of OceanFirst Financial in the third quarter worth about $34,000. International Assets Investment Management LLC lifted its holdings in shares of OceanFirst Financial by 1,240.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company’s stock worth $60,000 after buying an additional 3,213 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of OceanFirst Financial by 19.3% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock worth $139,000 after buying an additional 1,550 shares in the last quarter. SG Americas Securities LLC purchased a new stake in OceanFirst Financial in the third quarter valued at approximately $176,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in OceanFirst Financial by 42.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,725 shares of the savings and loans company’s stock valued at $184,000 after purchasing an additional 3,796 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

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.