The stock of OceanFirst Financial Corp. (NASDAQ:OCFC) hit a new 52-week high and has $25.27 target or 6.00% above today’s $23.84 share price. The 7 months bullish chart indicates low risk for the $620.68M company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $25.27 price target is reached, the company will be worth $37.24 million 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 54,630 shares traded hands. OceanFirst Financial Corp. (NASDAQ:OCFC) has risen 29.68% since April 25, 2016 and is uptrending. It has outperformed by 23.66% the S&P500.
Analysts await OceanFirst Financial Corp. (NASDAQ:OCFC) to report earnings on January, 19. They expect $0.39 EPS, up 18.18% or $0.06 from last year’s $0.33 per share. OCFC’s profit will be $10.16 million for 15.28 P/E if the $0.39 EPS becomes a reality. After $0.40 actual EPS reported by OceanFirst Financial Corp. for the previous quarter, Wall Street now forecasts -2.50% negative EPS growth.
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. The firm earned “Sell” rating on Tuesday, September 1 by Zacks. The rating was initiated by Piper Jaffray with “Overweight” on Wednesday, September 16.
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 Q2 2016. Its down 0.52, from 3 in 2016Q1. The ratio turned 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.
Sei Co last reported 109 shares in the company. Gsa Cap Prtnrs Limited Liability Partnership holds 37,785 shares or 0.04% of its portfolio. Blackrock Fund Advsrs last reported 0% of its portfolio in the stock. Brown Advisory last reported 0.05% of its portfolio in the stock. Blackrock owns 4,895 shares or 0% of their US portfolio. Lpl Fin Limited Company holds 0% or 15,299 shares in its portfolio. Goldman Sachs Grp Incorporated accumulated 0% or 330,067 shares. Blackrock Ltd Liability Co, a Delaware-based fund reported 10,547 shares. Perkins Investment Mngmt Ltd Liability Corporation last reported 0.07% of its portfolio in the stock. Nationwide Fund Advisors has 16,080 shares for 0% of their US portfolio. State Street has 294,435 shares for 0% of their US portfolio. Moreover, Brandes Investment Prtnrs Lp has 0.02% invested in OceanFirst Financial Corp. (NASDAQ:OCFC) for 69,433 shares. Brandywine Investment Limited Liability holds 49,502 shares or 0.01% of its portfolio. Federated Investors Inc Pa has 0% invested in the company for 5,202 shares. Grace White Inc New York holds 100,302 shares or 0.41% of its portfolio.
Insider Transactions: Since August 9, 2016, the stock had 0 buys, and 3 selling transactions for $3.32 million net activity. $188,400 worth of shares were sold by GARBARINO JOHN R on Tuesday, August 9. IANTOSCA JOSEPH R sold $44,245 worth of OceanFirst Financial Corp. (NASDAQ:OCFC) on Wednesday, November 2.
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. and Ocean Shore Holding Co. Receive Stockholder …” with publication date: November 23, 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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