Raymond James Upgrades OceanFirst Financial (OCFC)
Fintel reports that on January 5, 2024, Raymond James upgraded their outlook for OceanFirst Financial (NasdaqGS:OCFC) from Market Perform to Outperform .
Analyst Price Forecast Suggests 7.55% Upside
As of December 16, 2023, the average one-year price target for OceanFirst Financial is 18.53. The forecasts range from a low of 14.14 to a high of $21.00. The average price target represents an increase of 7.55% from its latest reported closing price of 17.23.
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The projected annual revenue for OceanFirst Financial is 448MM, an increase of 6.88%. The projected annual non-GAAP EPS is 2.85.
What is the Fund Sentiment?
There are 443 funds or institutions reporting positions in OceanFirst Financial. This is an increase of 4 owner(s) or 0.91% in the last quarter. Average portfolio weight of all funds dedicated to OCFC is 0.13%, a decrease of 12.87%. Total shares owned by institutions decreased in the last three months by 0.90% to 51,829K shares. 
The put/call ratio of OCFC is 0.39, indicating a bullish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 1,929K shares representing 3.25% ownership of the company. In it's prior filing, the firm reported owning 2,049K shares, representing a decrease of 6.25%. The firm decreased its portfolio allocation in OCFC by 88.65% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,780K shares representing 3.00% ownership of the company. In it's prior filing, the firm reported owning 1,780K shares, representing a decrease of 0.01%. The firm decreased its portfolio allocation in OCFC by 3.86% over the last quarter.
GW&K Investment Management holds 1,747K shares representing 2.94% ownership of the company. In it's prior filing, the firm reported owning 1,606K shares, representing an increase of 8.10%. The firm increased its portfolio allocation in OCFC by 6.75% over the last quarter.
Boston Partners holds 1,394K shares representing 2.35% ownership of the company. In it's prior filing, the firm reported owning 1,254K shares, representing an increase of 10.02%. The firm decreased its portfolio allocation in OCFC by 60.87% over the last quarter.
IWM - iShares Russell 2000 ETF holds 1,386K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 1,469K shares, representing a decrease of 5.99%. The firm decreased its portfolio allocation in OCFC by 8.57% over the last quarter.
OceanFirst Financial Background Information
(This description is provided by the company.)
OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $10.2 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
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This story originally appeared on Fintel.