UPDATE: Sterne Agee Downgrades OceanFirst Financial to Neutral on Valuation
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.
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