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UPDATE: Sterne Agee Downgrades OceanFirst Financial to Neutral on Valuation

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Sterne Agee downgraded OceanFirst Financial (NASDAQ: OCFC) from Buy to Neutral.

Sterne Agee commented, "We are downgrading shares of OceanFirst to Neutral from Buy. Our mid-November upgrade was due primarily to what we viewed as an unwarranted sell-off related to the impact of Hurricane Sandy. We now believe shares are fairly valued at 13.2x our 2013 EPS estimate and 1.2x tangible book value. Peers currently trade at 12.5x 2013 EPS estimates and 1.3x tangible book value."

OceanFirst Financial closed at $14.51 on Tuesday.

Latest Ratings for OCFC

DateFirmActionFromTo
Aug 2014Keefe Bruyette & WoodsUpgradesMarket PerformOutperform
Feb 2014Boenning & ScattergoodInitiates Coverage onOutperform
Jun 2013Sterne AgeeUpgradesNeutralBuy

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