New Jersey's OceanFirst Financial (OCFC)
has done okay since I last wrote about the company in January, with the
shares more or less tracking with smaller Northeast community banks (or
slightly outperforming) and offering a little outperformance relative
to larger regional/super-regional banks like Bank of America (BAC), PNC Financial (PNC), and Toronto-Dominion (TD).
Organic loan growth has weakened recently as management has chosen to
be more disciplined on price, but accretion benefits have been stronger
than expected and the company's deposit performance has been good.
OceanFirst
is not wildly undervalued, but I think this is a good combination of a
below-the-radar growing bank with disciplined management and a good
business plan/profile. I believe OceanFirst has more options to pursue
M&A in the relatively near term, and I believe the shares should
trade in the low-to-mid $30s.
Read more here:
OceanFirst Financial Offers Value During A Transition Year
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