OceanFirst Financial price target lowered to $15 from $17 at Piper Sandler

Piper Sandler lowered the firm’s price target on OceanFirst Financial to $15 from $17 and keeps a Neutral rating on the shares following quarterly results. The firm notes OceanFirst reported Q3 EPS of 33c. Excluding investment gains and severance costs, Piper pegs core at 34c. The result was a 4c miss versus Piper’s and a penny below consensus. With the new net interest margin run rate and now slower expected growth in 2024, the firm is reducing its full year estimate in that year even with some clear tailwinds on the expense side.