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Raymond James Thinks Oceanfirst Financial’s Stock is Going to Recover

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In a report released today, William Wallace from Raymond James maintained a Buy rating on Oceanfirst Financial (OCFCResearch Report), with a price target of $28.00. The company’s shares closed last Friday at $18.73, close to its 52-week low of $18.34.

According to TipRanks.com, Wallace is a 5-star analyst with an average return of 20.5% and a 61.7% success rate. Wallace covers the Financial sector, focusing on stocks such as Dime Community Bancshares, Univest Of Pennsylvania, and Live Oak Bancshares.

Oceanfirst Financial has an analyst consensus of Moderate Buy, with a price target consensus of $24.00, which is a 30.7% upside from current levels. In a report issued on April 29, Boenning & Scattergood also maintained a Buy rating on the stock with a $24.00 price target.

See Insiders’ Hot Stocks on TipRanks >>

The company has a one-year high of $24.25 and a one-year low of $18.34. Currently, Oceanfirst Financial has an average volume of 247.8K.

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of OCFC in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.

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