Price Action Don’t Lie: OceanFirst Financial Corp. on Focus After Trading At 52-Week Highs

Price Action Don't Lie: OceanFirst Financial Corp. on Focus After Trading At 52 Week Highs

The stock of OceanFirst Financial Corp. (NASDAQ:OCFC) hit a new 52-week high and has $31.52 target or 35.00% above today’s $23.35 share price. The 5 months bullish chart indicates low risk for the $609.63 million company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $31.52 price target is reached, the company will be worth $213.37M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 79,148 shares traded hands. OceanFirst Financial Corp. (NASDAQ:OCFC) has risen 26.88% since April 19, 2016 and is uptrending. It has outperformed by 23.02% the S&P500.

OceanFirst Financial Corp. (NASDAQ:OCFC) Ratings Coverage

Out of 2 analysts covering OceanFirst Financial Corp. (NASDAQ:OCFC), 2 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. OceanFirst Financial Corp. has been the topic of 4 analyst reports since September 1, 2015 according to StockzIntelligence Inc. As per Tuesday, September 1, the company rating was upgraded by Zacks. As per Wednesday, September 16, the company rating was initiated by Piper Jaffray.

According to Zacks Investment Research, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank.”

Insitutional Activity: The institutional sentiment decreased to 2.48 in 2016 Q2. Its down 0.52, from 3 in 2016Q1. The ratio is negative, as 5 funds sold all OceanFirst Financial Corp. shares owned while 19 reduced positions. 26 funds bought stakes while 46 increased positions. They now own 16.03 million shares or 42.43% more from 11.25 million shares in 2016Q1.
Manufacturers Life The has invested 0% of its portfolio in OceanFirst Financial Corp. (NASDAQ:OCFC). The Illinois-based Rmb Cap Mgmt Ltd Llc has invested 0.16% in OceanFirst Financial Corp. (NASDAQ:OCFC). Schwab Charles Invest Mngmt accumulated 60,992 shares or 0% of the stock. Alphaone Investment Serv Ltd holds 0.87% of its portfolio in OceanFirst Financial Corp. (NASDAQ:OCFC) for 129,400 shares. Royal Bank & Trust Of Canada last reported 0% of its portfolio in the stock. Alpine Woods Cap Investors holds 21,000 shares or 0.02% of its portfolio. Patriot Prtnrs Group Incorporated Lp accumulated 471,103 shares or 2.28% of the stock. Goldman Sachs Group Inc holds 0% or 330,067 shares in its portfolio. The Illinois-based Lsv Asset Mgmt has invested 0.01% in OceanFirst Financial Corp. (NASDAQ:OCFC). Perkins Inv Management Ltd Liability Corporation last reported 238,500 shares in the company. Bnp Paribas Arbitrage, a New York-based fund reported 798 shares. Elizabeth Park Cap Advisors Limited has 143,388 shares for 1.11% of their US portfolio. Kennedy Cap last reported 464,978 shares in the company. Earnest Partners Ltd Liability last reported 1,000 shares in the company. The New York-based Teton Advsrs has invested 0.04% in OceanFirst Financial Corp. (NASDAQ:OCFC).

Insider Transactions: Since August 9, 2016, the stock had 0 insider purchases, and 3 selling transactions for $3.32 million net activity. GARBARINO JOHN R sold $188,400 worth of stock. The insider IANTOSCA JOSEPH R sold $44,245.

More important recent OceanFirst Financial Corp. (NASDAQ:OCFC) news were published by: Globenewswire.com which released: “OceanFirst Financial Corp. Completes Acquisition of Cape Bancorp, Inc.” on May 02, 2016, also Globenewswire.com published article titled: “OceanFirst Financial Corp. Announces Agreement to Acquire Colonial American …”, Globenewswire.com published: “OceanFirst Financial Corp. Expands Central and Southern New Jersey Presence …” on January 06, 2016. More interesting news about OceanFirst Financial Corp. (NASDAQ:OCFC) was released by: Nasdaq.com and their article: “OceanFirst Financial Corp. (OCFC) Ex-Dividend Date Scheduled for November 03, 2016” with publication date: November 02, 2016.

OCFC Company Profile

OceanFirst Financial Corp., incorporated on November 21, 1995, is a holding firm for OceanFirst Bank (the Bank). The Firm is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans. The Bank also invests in other types of loans, including residential construction and consumer loans. In addition, the Bank invests in mortgage-backed securities (MBS), securities issued by the United States Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. The Bank’s revenues are derived principally from interest on its loans, interest on its investment and MBS. The Bank also receives income from fees and service charges on loan and deposit products, wealth management services, Bankcard services and the sale of alternative investment products, such as mutual funds, annuities and life insurance. The Bank’s primary sources of funds are deposits, principal and interest payments on loans, investments and mortgage-backed securities, investment maturities, proceeds from the sale of loans, Federal Home Loan Bank (FHLB) advances and other borrowings.

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