The stock of OceanFirst Financial Corp. (NASDAQ:OCFC) hit a new 52-week high and has $29.75 target or 31.00% above today’s $22.71 share price. The 5 months bullish chart indicates low risk for the $591.95 million company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $29.75 price target is reached, the company will be worth $183.50 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. The stock increased 3.84% or $0.84 during the last trading session, hitting $22.71. About 181,128 shares traded hands or 92.59% up from the average. OceanFirst Financial Corp. (NASDAQ:OCFC) has risen 23.49% since April 11, 2016 and is uptrending. It has outperformed by 17.34% 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. The firm has “Sell” rating given on Tuesday, September 1 by Zacks. The company was initiated on Wednesday, September 16 by Piper Jaffray.
According to Zacks Investment Research, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank.”
Insitutional Activity: The institutional sentiment increased to 3 in Q2 2016. Its up 1.28, from 1.72 in 2016Q1. The ratio improved, 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.
The New York-based Citigroup has invested 0% in OceanFirst Financial Corp. (NASDAQ:OCFC). Alphaone Inv Svcs Ltd has 129,400 shares for 0.87% of their US portfolio. Renaissance Ltd Limited Liability Company holds 0.03% or 781,028 shares in its portfolio. The Delaware-based Blackrock Advisors Limited Liability has invested 0% in OceanFirst Financial Corp. (NASDAQ:OCFC). Hanlon Invest Mngmt, a New Jersey-based fund reported 84,306 shares. National Bank Of Montreal Can accumulated 0% or 1 shares. Moreover, Blackrock Institutional Trust Na has 0% invested in OceanFirst Financial Corp. (NASDAQ:OCFC) for 690,472 shares. Voya Mgmt Ltd Company accumulated 0% or 12,625 shares. Moreover, Emerald Mutual Fund Advisers Tru has 0.19% invested in OceanFirst Financial Corp. (NASDAQ:OCFC) for 182,919 shares. Tower Research Capital Ltd Co (Trc) last reported 1,230 shares in the company. D E Shaw And Comm holds 25,020 shares or 0% of its portfolio. The Missouri-based Stifel Corp has invested 0% in OceanFirst Financial Corp. (NASDAQ:OCFC). Patriot Financial Partners Grp L P reported 471,103 shares or 2.28% of all its holdings. Hennessy Advsr Inc has 0.17% invested in the company for 305,000 shares. Federated Invsts Inc Pa holds 5,202 shares or 0% of its portfolio.
Insider Transactions: Since August 9, 2016, the stock had 0 buys, and 3 insider sales for $3.32 million net activity. 160,220 shares with value of $3.08M were sold by GARBARINO JOHN R on Thursday, August 25. $44,245 worth of OceanFirst Financial Corp. (NASDAQ:OCFC) shares were sold by IANTOSCA JOSEPH R.
More 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 the news titled: “OceanFirst Financial Corp. Announces Agreement to Acquire Colonial American …” on February 25, 2015. Globenewswire.com‘s news article titled: “OceanFirst Financial Corp. Expands Central and Southern New Jersey Presence …” with publication date: January 06, 2016 was also an interesting one.
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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