OceanFirst Financial (NASDAQ: OCFC – Get a rating) was downgraded by investment analysts to StockNews.com from a “buy” rating to a “hold” rating in a research report released Friday to clients and investors.
Separately, DA Davidson reaffirmed a “buy” rating on OceanFirst Financial shares in a Wednesday, July 27 report.
OceanFirst Financial shares fall 1.9%
NASDAQ:OCFC shares were down $0.37 in Friday’s midday session, hitting $19.24. 421,378 shares of the company were traded, against an average volume of 244,224. The company has a market capitalization of $1.14 billion, a P/E ratio of 11.66 and a beta of 0.79. The company has a debt ratio of 0.46, a quick ratio of 0.97 and a current ratio of 0.97. OceanFirst Financial has a 52-week low of $18.24 and a 52-week high of $24.25. The company’s 50-day simple moving average is $20.06 and its 200-day simple moving average is $19.63.
OceanFirst Financial (NASDAQ: OCFC – Get a rating) last released its quarterly earnings data on Thursday, July 28. The savings and loan company reported earnings per share (EPS) of $0.59 for the quarter, beating the consensus estimate of $0.54 by $0.05. OceanFirst Financial had a return on equity of 8.02% and a net margin of 25.39%. The company posted revenue of $98.34 million for the quarter, versus a consensus estimate of $98.50 million. On average, stock analysts expect OceanFirst Financial to post an EPS of 2.35 for the current year.
Insider Trading at OceanFirst Financial
In other news, Director Michael D. Devlin sold 60,000 shares of OceanFirst Financial in a trade that took place on Tuesday August 2. The stock was sold at an average price of $20.61, for a total value of $1,236,600.00. Following completion of the transaction, the administrator now owns 52,114 shares of the company, valued at approximately $1,074,069.54. The sale was disclosed in a legal filing with the SEC, which is available via this hyperlink. Insiders hold 4.90% of the shares of the company.
Institutional entries and exits
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Prelude Capital Management LLC strengthened its position in OceanFirst Financial by 9.5% in the 2nd quarter. Prelude Capital Management LLC now owns 48,607 shares of the savings and loan company valued at $930,000 after purchasing an additional 4,237 shares during the period. Legal & General Group Plc increased its position in OceanFirst Financial by 5.2% in the 2nd quarter. Legal & General Group Plc now owns 23,477 shares in the savings and loan company valued at $449,000 after buying an additional 1,157 shares during the period. Walleye Capital LLC acquired a new position in OceanFirst Financial during Q2 valued at approximately $257,000. First Republic Investment Management Inc. increased its position in OceanFirst Financial by 3.2% during the second quarter. First Republic Investment Management Inc. now owns 56,604 shares of the savings and loan company valued at $1,083,000 after purchasing an additional 1,761 shares during the period. Finally, RMB Capital Management LLC acquired a new position in OceanFirst Financial during Q2 valued at approximately $4,304,000. Institutional investors and hedge funds own 70.54% of the company’s shares.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a bank holding company for OceanFirst Bank NA which provides community banking services. It accepts money market accounts, savings accounts, interest bearing checking accounts, non-interest bearing demand deposits and term deposits for individuals, governments and businesses.
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