Key Points
- OceanFirst Financial CFO Patrick Barrett purchased 5,000 shares at $17.90 each, investing $89,500 and increasing his ownership by 3.39% to 152,350 shares.
- The company exceeded quarterly expectations, reporting $0.48 in EPS versus the $0.40 consensus estimate and revenue of $185.13 million versus $177.79 million expected.
- OceanFirst declared a quarterly dividend of $0.20 per share, equivalent to an annualized yield of approximately 4.5%; analysts maintain a consensus “Hold” rating with a $19 average price target.
OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) CFO Patrick Barrett purchased 5,000 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were bought at an average cost of $17.90 per share, for a total transaction of $89,500.00. Following the acquisition, the chief financial officer owned 152,350 shares of the company's stock, valued at approximately $2,727,065. The trade was a 3.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
OceanFirst Financial Stock Performance
Shares of OCFC stock opened at $17.94 on Friday. The stock has a market capitalization of $1.73 billion, a PE ratio of 24.92 and a beta of 1.02. OceanFirst Financial Corp. has a 52-week low of $15.60 and a 52-week high of $20.61. The stock's 50-day moving average price is $17.49 and its 200 day moving average price is $18.47. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.40 by $0.08. OceanFirst Financial had a return on equity of 6.55% and a net margin of 5.28%. The firm had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million. As a group, equities research analysts forecast that OceanFirst Financial Corp. will post 1.76 EPS for the current year.
OceanFirst Financial Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. OceanFirst Financial's payout ratio is presently 111.11%.
Analyst Ratings Changes
OCFC has been the subject of several recent research reports. Weiss Ratings downgraded OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 25th. Piper Sandler dropped their price objective on shares of OceanFirst Financial from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 6th. Four investment analysts have rated the stock with a Hold rating. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $19.00.
Get Our Latest Analysis on OceanFirst Financial
Institutional Investors Weigh In On OceanFirst Financial
Hedge funds have recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC boosted its holdings in OceanFirst Financial by 13,513.5% in the 3rd quarter. Smallwood Wealth Investment Management LLC now owns 5,037 shares of the savings and loans company's stock valued at $83,000 after purchasing an additional 5,000 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of OceanFirst Financial by 62.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company's stock worth $62,000 after buying an additional 1,458 shares in the last quarter. Byrne Asset Management LLC raised its stake in shares of OceanFirst Financial by 18.5% during the 3rd quarter. Byrne Asset Management LLC now owns 10,940 shares of the savings and loans company's stock worth $182,000 after buying an additional 1,710 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of OceanFirst Financial by 179.0% during the 3rd quarter. Versant Capital Management Inc now owns 5,187 shares of the savings and loans company's stock worth $86,000 after buying an additional 3,328 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of OceanFirst Financial in the 2nd quarter valued at approximately $81,000. Institutional investors and hedge funds own 70.98% of the company's stock.
OceanFirst Financial Company Profile
(
Get Free Report)
OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.
OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.
Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.
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