Raymond James Trims OceanFirst Financial (NASDAQ:OCFC) Target Price to $20.00

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

OCFC has been the subject of a number of other reports. TheStreet upgraded shares of OceanFirst Financial from a c+ rating to a b- rating in a research report on Monday, January 8th. Keefe, Bruyette & Woods restated an outperform rating and set a $19.00 price target (down from $22.00) on shares of OceanFirst Financial in a research report on Monday. StockNews.com lowered shares of OceanFirst Financial from a hold rating to a sell rating in a research report on Thursday, March 28th. Finally, Stephens reaffirmed an equal weight rating and set a $20.00 price objective on shares of OceanFirst Financial in a report on Friday, April 19th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $18.20.

OceanFirst Financial Stock Down 1.6 %

OceanFirst Financial stock opened at $15.23 on Monday. OceanFirst Financial has a 1-year low of $12.01 and a 1-year high of $19.58. The firm has a market capitalization of $906.64 million, a price-to-earnings ratio of 8.91 and a beta of 1.00. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. The firm has a 50 day simple moving average of $15.32 and a 200 day simple moving average of $15.40.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Institutional Trading of OceanFirst Financial

A number of hedge funds have recently made changes to their positions in OCFC. SG Americas Securities LLC bought a new stake in OceanFirst Financial in the third quarter worth $176,000. Bailard Inc. bought a new stake in OceanFirst Financial in the third quarter worth $267,000. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 worth $184,000 after purchasing an additional 3,796 shares during the last quarter. Principal Financial Group Inc. lifted its stake in OceanFirst Financial by 47.3% in the third quarter. Principal Financial Group Inc. now owns 21,334 shares of the savings and loans company’s stock worth $309,000 after purchasing an additional 6,846 shares during the last quarter. Finally, Seizert Capital Partners LLC lifted its stake in OceanFirst Financial by 3.1% in the third quarter. Seizert Capital Partners LLC now owns 144,735 shares of the savings and loans company’s stock worth $2,094,000 after purchasing an additional 4,299 shares during the last quarter. 70.98% of the stock is owned by 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.