Wedge Capital Management L L P NC Sells 14,589 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Wedge Capital Management L L P NC trimmed its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFCGet Rating) by 3.9% during the second quarter, HoldingsChannel reports. The firm owned 355,374 shares of the savings and loans company’s stock after selling 14,589 shares during the quarter. Wedge Capital Management L L P NC’s holdings in OceanFirst Financial were worth $6,798,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in OCFC. Addison Capital Co raised its stake in OceanFirst Financial by 29.7% during the 2nd quarter. Addison Capital Co now owns 86,163 shares of the savings and loans company’s stock worth $1,648,000 after buying an additional 19,752 shares during the period. Amalgamated Bank acquired a new stake in shares of OceanFirst Financial during the first quarter worth about $141,000. Bank of America Corp DE lifted its holdings in shares of OceanFirst Financial by 18.9% during the 1st quarter. Bank of America Corp DE now owns 259,275 shares of the savings and loans company’s stock valued at $5,211,000 after purchasing an additional 41,136 shares in the last quarter. Keeley Teton Advisors LLC grew its position in shares of OceanFirst Financial by 9.9% in the 1st quarter. Keeley Teton Advisors LLC now owns 228,799 shares of the savings and loans company’s stock valued at $4,599,000 after purchasing an additional 20,593 shares during the period. Finally, Gamco Investors INC. ET AL increased its stake in OceanFirst Financial by 1.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 105,000 shares of the savings and loans company’s stock worth $2,111,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 70.54% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on OCFC shares. StockNews.com raised shares of OceanFirst Financial from a “hold” rating to a “buy” rating in a research note on Wednesday. DA Davidson reaffirmed a “buy” rating on shares of OceanFirst Financial in a research report on Wednesday, July 27th.

Insider Activity

In related news, Director Michael D. Devlin sold 60,000 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following the completion of the transaction, the director now owns 52,114 shares in the company, valued at $1,074,069.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Patrick Sean Barrett purchased 10,500 shares of the stock in a transaction on Friday, June 24th. The shares were purchased at an average price of $18.91 per share, with a total value of $198,555.00. Following the transaction, the chief financial officer now directly owns 20,508 shares of the company’s stock, valued at $387,806.28. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael D. Devlin sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $20.61, for a total value of $1,236,600.00. Following the sale, the director now owns 52,114 shares in the company, valued at approximately $1,074,069.54. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

OceanFirst Financial Stock Down 1.1 %

NASDAQ:OCFC opened at $20.28 on Wednesday. The stock has a 50-day simple moving average of $20.18 and a 200 day simple moving average of $19.82. OceanFirst Financial Corp. has a 52-week low of $18.24 and a 52-week high of $24.25. The company has a market cap of $1.20 billion, a PE ratio of 12.29 and a beta of 0.83. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 0.97.

OceanFirst Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Monday, August 8th were paid a dividend of $0.20 per share. This is a boost from OceanFirst Financial’s previous quarterly dividend of $0.17. This represents a $0.80 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend was Friday, August 5th. OceanFirst Financial’s dividend payout ratio (DPR) is currently 48.49%.

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

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Institutional Ownership by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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