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

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

Several other brokerages have also weighed in on OCFC. Keefe, Bruyette & Woods reissued an outperform rating and issued a $19.00 price objective (down from $22.00) on shares of OceanFirst Financial in a report on Monday. Stephens reissued an equal weight rating and issued a $20.00 price objective on shares of OceanFirst Financial in a report on Friday. TheStreet raised OceanFirst Financial from a c+ rating to a b- rating in a report on Monday, January 8th. Finally, StockNews.com lowered OceanFirst Financial from a hold rating to a sell rating in a report on Thursday, March 28th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, OceanFirst Financial has a consensus rating of Hold and a consensus target price of $18.20.

OceanFirst Financial Stock Down 1.3 %

Shares of OceanFirst Financial stock opened at $14.98 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. The firm has a market cap of $891.79 million, a P/E ratio of 8.76 and a beta of 1.00. OceanFirst Financial has a fifty-two week low of $12.01 and a fifty-two week high of $19.58. The business has a 50-day moving average price of $15.32 and a 200 day moving average price of $15.39.

OceanFirst Financial Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 5.34%. The ex-dividend date is Friday, May 3rd. OceanFirst Financial’s dividend payout ratio (DPR) is presently 46.78%.

Hedge Funds Weigh In On OceanFirst Financial

Several institutional investors have recently made changes to their positions in the stock. CRA Financial Services LLC grew its holdings in OceanFirst Financial by 2.8% in the 4th quarter. CRA Financial Services LLC now owns 25,314 shares of the savings and loans company’s stock worth $439,000 after buying an additional 696 shares in the last quarter. Strs Ohio grew its holdings in OceanFirst Financial by 1.9% in the 4th quarter. Strs Ohio now owns 42,300 shares of the savings and loans company’s stock worth $734,000 after buying an additional 800 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in OceanFirst Financial by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock worth $303,000 after buying an additional 1,016 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in OceanFirst Financial by 19.3% in the 3rd 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. Finally, Swiss National Bank grew its holdings in OceanFirst Financial by 1.5% in the 3rd quarter. Swiss National Bank now owns 130,733 shares of the savings and loans company’s stock worth $1,892,000 after buying an additional 1,900 shares in the last quarter. 70.98% of the stock is owned by institutional investors.

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.