Michael D. Devlin Sells 60,000 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) Stock

OceanFirst Financial Corp. (NASDAQ:OCFCGet Rating) Director Michael D. Devlin sold 60,000 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following the transaction, the director now owns 52,114 shares of the company’s stock, valued at approximately $1,074,069.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

OceanFirst Financial Trading Up 0.3 %

Shares of OceanFirst Financial stock opened at $20.78 on Friday. The company’s 50-day moving average price is $19.59 and its 200-day moving average price is $20.37. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 12.59 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.19. OceanFirst Financial Corp. has a 12-month low of $18.24 and a 12-month high of $24.25.

OceanFirst Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Monday, August 8th will be paid a $0.20 dividend. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.17. This represents a $0.80 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date is Friday, August 5th. OceanFirst Financial’s dividend payout ratio (DPR) is currently 41.21%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OCFC. DA Davidson reissued a “buy” rating on shares of OceanFirst Financial in a report on Wednesday, July 27th. StockNews.com downgraded shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Saturday, May 21st.

Institutional Investors Weigh In On OceanFirst Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. M&T Bank Corp raised its stake in OceanFirst Financial by 0.4% in the fourth quarter. M&T Bank Corp now owns 104,872 shares of the savings and loans company’s stock valued at $2,328,000 after purchasing an additional 447 shares in the last quarter. Teacher Retirement System of Texas raised its stake in OceanFirst Financial by 6.1% in the first quarter. Teacher Retirement System of Texas now owns 12,268 shares of the savings and loans company’s stock valued at $247,000 after purchasing an additional 700 shares in the last quarter. Carl P. Sherr & Co. LLC raised its stake in OceanFirst Financial by 1.6% in the second quarter. Carl P. Sherr & Co. LLC now owns 45,922 shares of the savings and loans company’s stock valued at $878,000 after purchasing an additional 708 shares in the last quarter. CRA Financial Services LLC raised its stake in OceanFirst Financial by 7.2% in the first quarter. CRA Financial Services LLC now owns 12,181 shares of the savings and loans company’s stock valued at $245,000 after purchasing an additional 816 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in OceanFirst Financial by 23.0% in the first quarter. Great West Life Assurance Co. Can now owns 4,917 shares of the savings and loans company’s stock valued at $103,000 after purchasing an additional 919 shares in the last quarter. 69.53% of the stock is owned by hedge funds and other institutional investors.

About OceanFirst Financial

(Get Rating)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

Further Reading

Insider Buying and Selling by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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