OceanFirst Financial Corp. (NASDAQ:OCFC) Given Average Rating of “Hold” by Brokerages

OceanFirst Financial Corp. (NASDAQ:OCFC) has been assigned an average rating of “Hold” from the five analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $19.30.

OCFC has been the topic of a number of analyst reports. Piper Sandler set a $17.00 price objective on OceanFirst Financial and gave the company a “neutral” rating in a report on Friday, October 18th. Hovde Group lifted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research note on Friday, September 20th.

OceanFirst Financial Price Performance

Shares of NASDAQ OCFC opened at $20.16 on Friday. The stock has a fifty day moving average price of $18.13 and a 200 day moving average price of $16.70. OceanFirst Financial has a 1-year low of $12.93 and a 1-year high of $21.21. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 1.00. The company has a market cap of $1.18 billion, a PE ratio of 11.52 and a beta of 1.01.

OceanFirst Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Monday, November 4th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, November 4th. This represents a $0.80 dividend on an annualized basis and a yield of 3.97%. OceanFirst Financial’s payout ratio is 45.71%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in OceanFirst Financial during the 2nd quarter valued at about $25,000. Capital Performance Advisors LLP acquired a new stake in OceanFirst Financial during the 3rd quarter valued at $25,000. Acadian Asset Management LLC purchased a new position in OceanFirst Financial during the first quarter worth $39,000. Meeder Asset Management Inc. acquired a new position in shares of OceanFirst Financial in the second quarter worth $62,000. Finally, EMC Capital Management purchased a new stake in shares of OceanFirst Financial in the first quarter valued at $150,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

About OceanFirst Financial

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.