OceanFirst Financial (OCFC) PT Raised to $19 at DA Davidson

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

The analyst commented: "OCFC remains pressured by higher funding costs impacting the NIM and its stall in growth. This shows up in a PPNR miss due to weaker NII on more than expected NIM compression (-10bp). Shares entered the print +2% YTD vs. the KRX but underperformed -5% on the day due to the weaker NIM that also drove our '25E lower by -5%. OCFC's results reflect OpEx control, 6bp of NCOs (+5bp Q/Q), loan and deposit declines with growth stalled, and minimal buybacks (0.6% of O/S). Entering 2H24, loan growth should trend higher. We see loan growth upside if the Fed cuts rates, but with limited upside to updated PT, we remain NEUTRAL."

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