UPDATE: Sterne Agee Maintains OceanFirst Financial at Buy While Reducing Estimates For Hurricane Sandy

Sterne Agee reiterated its Buy rating on OceanFirst Financial

and maintained its $14.50 price target. Sterne Agee noted, "Updated guidance from OceanFirst suggests 4Q2012 earnings will be impacted by an elevated provision from Hurricane Sandy and OCC guidance related to borrowers having gone through bankruptcy. Despite the change in provisioning guidance, we believe ultimately book value will not be impaired and view the stock as undervalued trading at 112% of tangible book value per share vs. peers trading at ~130% price to tangible book value." OceanFirst Financial closed at $13.70 on Wednesday.