OceanFirst Financial Corp. (NASDAQ:OCFC) is one ofthe best cheap small cap stocks to buy now. Piper Sandler assumed coverage of OceanFirst Financial Corp. (NASDAQ:OCFC) with a Neutral rating on June 12 and set a price target of $19. The firm stated that it sees “middling profitability” for the bank as it digests the Flushing Financial acquisition.
For reference, OceanFirst Financial Corp. (NASDAQ:OCFC) announced on June 1 the completion of its previously announced merger with Flushing Financial Corporation, which is the holding company for Flushing Bank. Management stated that the combination creates a high-performing regional bank with considerable presence across New York, New Jersey, Long Island, and the major metropolitan areas from Massachusetts through Virginia.
OceanFirst Financial Corp. (NASDAQ:OCFC) further reported that following the completion of the transactions, the combined company would operate under the OceanFirst brand across 71 retail branches across its footprint. Concurrent with the completion of the merger, In addition, the company also completed its $225 million strategic investment from affiliates of funds managed by Warburg Pincus LLC concurrently with the completion of the merger.
OceanFirst Financial Corp. (NASDAQ:OCFC) is a savings and loan holding company involved in the provision of financial services. Its subsidiary is the OceanFirst Bank, which offers commercial and residential financing solutions, deposit services, and wealth management.
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