Analysts Set OceanFirst Financial Corp. (NASDAQ:OCFC) Target Price at $18.90

OceanFirst Financial Corp. (NASDAQ:OCFC) has been given a consensus recommendation of “Hold” by the five analysts that are presently covering the company, MarketBeat Ratings reports. Three 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 issued ratings on the stock in the last year is $19.30.

Several research firms recently commented on OCFC. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the stock a “neutral” rating in a research note on Friday. Hovde Group raised their price objective on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research note on Friday, September 20th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Innealta Capital LLC purchased a new position in OceanFirst Financial in the second quarter worth $25,000. Acadian Asset Management LLC purchased a new position in OceanFirst Financial in the first quarter worth $39,000. Meeder Asset Management Inc. purchased a new position in OceanFirst Financial in the second quarter worth $62,000. EMC Capital Management purchased a new position in shares of OceanFirst Financial during the 1st quarter valued at $150,000. Finally, ProShare Advisors LLC purchased a new position in shares of OceanFirst Financial during the 1st quarter valued at $172,000. Institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Trading Down 1.8 %

NASDAQ OCFC opened at $19.10 on Tuesday. The business has a 50 day simple moving average of $17.61 and a 200 day simple moving average of $16.35. OceanFirst Financial has a one year low of $12.01 and a one year high of $19.49. The stock has a market capitalization of $1.12 billion, a P/E ratio of 11.17 and a beta of 1.01. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.01 and a quick ratio of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last released its 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 period in the prior year, the business earned $0.46 EPS. Research analysts expect that OceanFirst Financial will post 1.58 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be issued a $0.20 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.19%. OceanFirst Financial’s dividend payout ratio is presently 46.78%.

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.