OceanFirst Financial (NASDAQ:OCFC) Price Target Increased to $21.50 by Analysts at Hovde Group

OceanFirst Financial (NASDAQ:OCFC) had its price objective boosted by stock analysts at Hovde Group from $19.50 to $21.50 in a research report issued on Friday, MarketBeat.com reports. The firm currently has an “outperform” rating on the savings and loans company’s stock. Hovde Group’s price target points to a potential upside of 13.70% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price objective (down previously from $19.00) on shares of OceanFirst Financial in a research note on Friday, May 31st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $18.90.

OceanFirst Financial Price Performance

Shares of NASDAQ OCFC opened at $18.91 on Friday. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 11.06 and a beta of 1.01. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $18.98. The firm has a 50-day simple moving average of $17.26 and a 200-day simple moving average of $15.95. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.74.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). The business had revenue of $170.41 million during the quarter, compared to analyst estimates of $94.93 million. OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. During the same quarter in the previous year, the company posted $0.46 EPS. On average, equities analysts predict that OceanFirst Financial will post 1.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On OceanFirst Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in shares of OceanFirst Financial in the 2nd quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new position in OceanFirst Financial during the first quarter worth $39,000. Meeder Asset Management Inc. acquired a new stake in shares of OceanFirst Financial in the second quarter valued at $62,000. EMC Capital Management purchased a new stake in shares of OceanFirst Financial in the 1st quarter valued at $150,000. Finally, ProShare Advisors LLC acquired a new position in OceanFirst Financial during the 1st quarter worth about $172,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.