Piper Sandler Initiates OceanFirst Financial with Neutral Rating, $19 Target

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2▲0 ▼1Impact / 5
Summary · why it matters

Piper Sandler assumed coverage of OceanFirst Financial Corp. with a Neutral rating and a price target of $19 on June 12, citing middling profitability as the bank digests its acquisition of Flushing Financial. The merger, completed on June 1, creates a regional bank operating under the OceanFirst brand across 71 retail branches in the Northeast, from Massachusetts to Virginia. Concurrently, the company completed a $225 million strategic investment from affiliates of funds managed by Warburg Pincus LLC.

Impact on assets 2

Financials▼ · 2 stocks
OceanFirst Financial Corp.
OCFC
▼ NegativeCapitalrelevance

Piper Sandler initiated with Neutral rating and $19 target, citing middling profitability as the bank digests the Flushing acquisition.

Flushing Financial Corporation
FFIC
± MixedCapitalrelevance

Flushing Financial was acquired by OceanFirst; the article mentions the merger but does not discuss Flushing's standalone prospects.

Off-coverage companies 1

Warburg PincusPrivate± Mixed
relevance

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