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Fly News Breaks for August 12, 2019
OCFC, TRCB
Aug 12, 2019 | 07:53 EDT
As previously reported, DA Davidson analyst Russell Gunther downgraded OceanFirst Financial (OCFC) to Neutral and lowered his price target to $25 from $30, saying the company's acquisition of Two River Bancorp (TRCB) and Country Bank Holding is pushing its assets to just under $10B while reducing its earnings visibility. The analyst warns that the deals may impact his prior accelerating organic growth investment thesis starting this quarter, even though the 2nd half of the year "should show strength" with a commercial pipeline of about $300M and new growth markets around Philadelphia and New York.
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