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Investing.com - DA Davidson has assumed coverage on OceanFirst Financial (NASDAQ:OCFC), a $1.07 billion regional bank, with a Neutral rating and a price target of $19.00, up from the previous target of $18.50. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value estimate.
The firm noted positive trends for OceanFirst’s Premier Bank, which added $242 million in deposits through September 30. The bank, which maintains a solid 4.52% dividend yield and has sustained dividend payments for 29 consecutive years, has reiterated growth targets of $500 million by year-end 2025 and $2 billion to $3 billion by year-end 2027, representing approximately 25% of deposits.
Core pre-provision net revenue (PPNR) grew 12% to $31 million, exceeding DA Davidson’s forecast of $29.6 million, driven by better-than-expected revenue growth.
OceanFirst Financial has provided guidance for 2026, which the company characterized as conservative despite ongoing uncertainty in the market.
The bank has announced a strategic decision to outsource residential loan origination and title business operations, a move expected to result in a net $10 million benefit in 2026.
In other recent news, OceanFirst Financial Corp. reported its Q3 2025 earnings, revealing an earnings per share (EPS) of $0.30, which did not meet the forecasted $0.35. However, the company’s revenue slightly exceeded expectations, coming in at $102.96 million compared to the anticipated $102.46 million. Despite the EPS miss, the company managed to surpass revenue projections. These developments are part of the latest updates concerning the company. There were no recent reports of mergers or acquisitions. Additionally, no analyst upgrades or downgrades were mentioned in the latest reports. Investors continue to monitor the company’s performance closely.
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