Key Points
- Director John Buran sold 113,463 OceanFirst Financial shares at an average price of $19.40, generating approximately $2.20 million in proceeds.
- OceanFirst reported quarterly EPS of $0.43, in line with analyst expectations, while revenue of $131.33 million fell short of the $135.62 million consensus estimate.
- The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 4.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $21.50.
OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) Director John Buran sold 113,463 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $19.40, for a total transaction of $2,201,182.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
OceanFirst Financial Price Performance
Shares of OceanFirst Financial stock opened at $19.08 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. OceanFirst Financial Corp. has a 52-week low of $16.35 and a 52-week high of $20.61. The company has a fifty day moving average of $19.04 and a 200-day moving average of $18.78. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of 22.45 and a beta of 0.99.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting analysts' consensus estimates of $0.43. The company had revenue of $131.33 million for the quarter, compared to analysts' expectations of $135.62 million. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.94%. Equities research analysts expect that OceanFirst Financial Corp. will post 1.81 EPS for the current year.
OceanFirst Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, August 10th. OceanFirst Financial's dividend payout ratio (DPR) is 94.12%.
Hedge Funds Weigh In On OceanFirst Financial
A number of hedge funds have recently modified their holdings of OCFC. Dimensional Fund Advisors LP increased its holdings in OceanFirst Financial by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company's stock valued at $61,499,000 after purchasing an additional 179,364 shares during the period. Systematic Financial Management LP lifted its holdings in OceanFirst Financial by 15.1% in the 1st quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company's stock worth $24,960,000 after buying an additional 181,557 shares during the period. First Trust Advisors LP lifted its holdings in OceanFirst Financial by 46.0% in the 1st quarter. First Trust Advisors LP now owns 275,825 shares of the savings and loans company's stock worth $4,976,000 after buying an additional 86,951 shares during the period. Renaissance Technologies LLC grew its position in shares of OceanFirst Financial by 114.9% in the 1st quarter. Renaissance Technologies LLC now owns 307,356 shares of the savings and loans company's stock worth $5,545,000 after buying an additional 164,313 shares during the last quarter. Finally, Greenwood Capital Associates LLC bought a new stake in shares of OceanFirst Financial in the 4th quarter worth approximately $484,000. Hedge funds and other institutional investors own 70.98% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Weiss Ratings raised OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, June 29th. Piper Sandler restated a "neutral" rating and set a $21.00 price target (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. Finally, DA Davidson lifted their price target on OceanFirst Financial from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, OceanFirst Financial has a consensus rating of "Hold" and an average target price of $21.50.
Check Out Our Latest Stock Analysis on OCFC
OceanFirst Financial Company Profile
(
Get Free Report)
OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.
The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.
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