Boston Partners boosted its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC – Free Report) by 92.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,254,495 shares of the savings and loans company’s stock after purchasing an additional 601,145 shares during the period. Boston Partners owned 2.11% of OceanFirst Financial worth $20,307,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invst LLC purchased a new position in OceanFirst Financial during the 2nd quarter worth approximately $167,000. North Star Investment Management Corp. grew its holdings in shares of OceanFirst Financial by 35.4% during the 2nd quarter. North Star Investment Management Corp. now owns 113,615 shares of the savings and loans company’s stock valued at $1,775,000 after acquiring an additional 29,701 shares in the last quarter. EA Series Trust purchased a new position in shares of OceanFirst Financial during the 2nd quarter valued at $2,446,000. Janney Montgomery Scott LLC grew its holdings in shares of OceanFirst Financial by 47.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 28,038 shares of the savings and loans company’s stock valued at $438,000 after acquiring an additional 8,963 shares in the last quarter. Finally, Watershed Asset Management L.L.C. grew its holdings in shares of OceanFirst Financial by 11.0% during the 1st quarter. Watershed Asset Management L.L.C. now owns 12,849 shares of the savings and loans company’s stock valued at $237,000 after acquiring an additional 1,278 shares in the last quarter. 70.40% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
OCFC has been the topic of several research analyst reports. Piper Sandler lowered their price target on shares of OceanFirst Financial from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, October 23rd. TheStreet cut shares of OceanFirst Financial from a “b-” rating to a “c+” rating in a report on Wednesday, October 4th. StockNews.com initiated coverage on shares of OceanFirst Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, DA Davidson cut shares of OceanFirst Financial from a “buy” rating to a “neutral” rating and set a $17.00 price target on the stock. in a report on Monday, September 18th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $19.50.
OceanFirst Financial Trading Up 0.1 %
Shares of NASDAQ:OCFC opened at $14.20 on Friday. The stock has a market capitalization of $843.76 million, a PE ratio of 6.67 and a beta of 0.98. OceanFirst Financial Corp. has a 1 year low of $12.01 and a 1 year high of $24.93. The firm has a fifty day moving average price of $14.13 and a 200 day moving average price of $15.50. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.51.
OceanFirst Financial (NASDAQ:OCFC – Get Free Report) last issued its quarterly earnings data on Thursday, October 19th. The savings and loans company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.05). The business had revenue of $101.76 million during the quarter, compared to the consensus estimate of $101.83 million. OceanFirst Financial had a return on equity of 7.55% and a net margin of 20.67%. Analysts expect that OceanFirst Financial Corp. will post 1.75 EPS for the current fiscal year.
OceanFirst Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.63%. The ex-dividend date of this dividend was Friday, November 3rd. OceanFirst Financial’s dividend payout ratio is presently 37.56%.
Insider Buying and Selling
In other news, insider Anthony Giordano III bought 2,345 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was purchased at an average price of $12.75 per share, with a total value of $29,898.75. Following the transaction, the insider now directly owns 22,459 shares in the company, valued at $286,352.25. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.60% of the stock is currently owned by corporate insiders.
OceanFirst Financial Profile
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.
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