Key Points
- OceanFirst Financial EVP Brian Schaeffer sold 5,500 shares at an average price of $18.91, generating $104,005 and reducing his direct stake by 6.21% to 83,068 shares.
- OceanFirst reported quarterly EPS of $0.43, matching expectations, while revenue of $131.33 million fell short of the $135.62 million consensus estimate. Analysts maintain a consensus “Hold” rating with an average price target of $21.50.
- The company pays a quarterly dividend of $0.20, or $0.80 annually, representing a 4.3% yield; institutional investors and hedge funds own approximately 70.98% of the stock.
OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) EVP Brian Schaeffer sold 5,500 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $18.91, for a total transaction of $104,005.00. Following the sale, the executive vice president directly owned 83,068 shares of the company's stock, valued at $1,570,815.88. The trade was a 6.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
OceanFirst Financial Price Performance
OCFC opened at $18.53 on Wednesday. The company has a market capitalization of $1.79 billion, a P/E ratio of 21.80 and a beta of 0.98. OceanFirst Financial Corp. has a 1-year low of $17.05 and a 1-year high of $20.61. The company has a 50-day moving average of $19.34 and a 200-day moving average of $18.79. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%.The firm had revenue of $131.33 million for the quarter, compared to analysts' expectations of $135.62 million. Equities analysts expect that OceanFirst Financial Corp. will post 1.81 EPS for the current fiscal year.
OceanFirst Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. OceanFirst Financial's dividend payout ratio (DPR) is currently 94.12%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on OCFC. Weiss Ratings upgraded shares of OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, June 29th. Piper Sandler reiterated a "neutral" rating and issued a $21.00 price target (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $21.50.
Read Our Latest Report on OceanFirst Financial
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio bought a new stake in shares of OceanFirst Financial during the second quarter worth $25,000. Northwestern Mutual Wealth Management Co. acquired a new position in OceanFirst Financial in the second quarter valued at about $27,000. Nykredit A S acquired a new position in shares of OceanFirst Financial in the second quarter valued at approximately $30,000. GAMMA Investing LLC grew its holdings in shares of OceanFirst Financial by 174.8% during the second quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company's stock worth $37,000 after buying an additional 1,220 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in OceanFirst Financial in the second quarter valued at $85,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.
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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