Oceanfirst Financial (OCFC) received a Hold rating from Boenning & Scattergood analyst Erik Zwick today. The company’s shares closed on Friday at $25.34.
Zwick wrote:
“We are downgrading our rating on shares of OCFC to Neutral (from Outperform) and rescinding our $28 price target. Our downgrade does not reflect a deterioration in the company’s financial outlook and our estimates remain unchanged. Rather, we believe investor sentiment will be negatively impacted by the company’s recent disclosure of a material weakness of internal controls. With shares currently trading at 11.8x our 2019 EPS estimate (12.3x peer average) and 1.8x tangible book value (1.5x peers), we believe the stock is currently fairly valued and could be range-bound until remediation efforts are complete.”
According to TipRanks.com, Zwick is a 2-star analyst with an average return of 0.2% and a 51.1% success rate. Zwick covers the Financial sector, focusing on stocks such as Provident Financial Services, Bankwell Financial Group, and Community Bank System.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Oceanfirst Financial with a $30 average price target.
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The company has a one-year high of $30.90 and a one-year low of $21.30. Currently, Oceanfirst Financial has an average volume of 177.5K.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is neutral on the stock.
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OceanFirst Financial Corp. is a savings and loan holding company, which engages in the provision of financial services. Its subsidiary, OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. The company is headquartered in Toms River, NJ.
