Analysts on Wall Street Lower Ratings for These 5 Stocks

02. OceanFirst Financial Corp. (NASDAQ:OCFC)

Price Reaction after the Downgrade: -0.98 (-6.12%)

Founded in 1902, OceanFirst Financial Corp. (NASDAQ:OCFC) is based in Red Bank, New Jersey. It is the bank holding company for OceanFirst Bank N.A., which provides community banking services. Their services include accepting various types of deposits from retail, government, and business customers and offering a range of loans, including residential mortgages, commercial real estate loans, and consumer loans. Additionally, they invest in various securities and provide services like bankcard and trust services. On September 18, OceanFirst Financial Corp. (NASDAQ:OCFC) has been downgraded to “Neutral” from “Buy” by DA Davidson analyst Manuel Navas. Additionally, the price target for OceanFirst Financial Corp. (NASDAQ:OCFC) has been lowered from $21 to $17. The downgrade and price target adjustment are attributed to concerns about the expectation of “higher for longer” interest rates. As of the latest update, the current price of OceanFirst Financial Corp. (NASDAQ:OCFC) stands at $15.02, reflecting a decrease of 6.1% in response to the recent downgrade.