OceanFirst Financial (OCFC) PT Lowered to $16 at DA Davidson

DA Davidson analyst Manuel Navas lowered the price target on OceanFirst Financial (NASDAQ: OCFC) to $16.00 (from $19.00) while maintaining a Neutral rating.

The analyst commented: "OCFC's results reflect flat OpEx, stable NIM, and a low 1bp of NCOs as well as loan and deposit declines as growth stalled. Shares entered the print -2% YTD vs. the KRX but are outperforming +1% on the print due to a core PPNR beat and a resumption of buybacks (1.6% of O/S). A lowered NIM outlook for stable to modest compression across 2024 and slower loan growth drives our EPS lower -10%+. With 11% CET1, shares under 1x TBV, and little near-term growth in 2Q24 buybacks are likely to continue. We see loan growth demand upside if the Fed cuts rates, but with limited upside to updated PT, we remain NEUTRAL."

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