BUZZ-OceanFirst falls after unveiling acquisition, $225 million capital infusion
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OceanFirst Financial (OCFC) shares fell 9.9% to $17.65 after announcing a $579 million all-stock acquisition of Flushing Financial (FFIC), whose shares dropped 13%. Analysts express concerns about the deal's impact on OCFC's performance, with Raymond James noting potential near-term pressure. OCFC also secured a $225 million equity raise from Warburg Pincus, but analysts from Stephens and Hovde Group raised concerns about FFIC's weaker franchise and high commercial real estate exposure. OCFC stock is up 8% year-to-date as of the last close.
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