Key Points
- Director Nicos Katsoulis purchased 10,000 OceanFirst Financial shares at an average price of $17.83, investing $178,300 and increasing his direct ownership by 32.16% to 41,096 shares.
- OceanFirst Financial reported quarterly EPS of $0.48, exceeding estimates by $0.08, while revenue of $185.13 million also surpassed expectations. The stock recently traded at $18.67, up 4.1%.
- The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 4.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $19.00.
OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) Director Nicos Katsoulis bought 10,000 shares of the company's stock in a transaction that occurred on Friday, October 30th. The shares were bought at an average price of $17.83 per share, for a total transaction of $178,300.00. Following the transaction, the director directly owned 41,096 shares in the company, valued at $732,741.68. This trade represents a 32.16% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
OceanFirst Financial Stock Up 4.1%
Shares of NASDAQ OCFC opened at $18.67 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The firm has a market cap of $1.80 billion, a PE ratio of 25.93 and a beta of 1.02. The company's fifty day simple moving average is $17.49 and its 200 day simple moving average is $18.47. OceanFirst Financial Corp. has a 12-month low of $15.60 and a 12-month high of $20.61.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.08. OceanFirst Financial had a net margin of 5.28% and a return on equity of 6.55%. The firm had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million. As a group, sell-side analysts forecast that OceanFirst Financial Corp. will post 1.79 earnings per share for the current fiscal year.
OceanFirst Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be paid a $0.20 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 4.3%. OceanFirst Financial's dividend payout ratio (DPR) is currently 111.11%.
Hedge Funds Weigh In On OceanFirst Financial
Several institutional investors and hedge funds have recently bought and sold shares of OCFC. Inscription Capital LLC bought a new stake in shares of OceanFirst Financial in the third quarter valued at $197,000. Chicago Partners Investment Group LLC purchased a new stake in OceanFirst Financial in the 3rd quarter worth about $199,000. Smallwood Wealth Investment Management LLC increased 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 worth $83,000 after acquiring an additional 5,000 shares during the last quarter. State of Alaska Department of Revenue raised its stake in OceanFirst Financial by 62.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company's stock valued at $62,000 after acquiring an additional 1,458 shares during the period. Finally, Byrne Asset Management LLC raised its stake in OceanFirst Financial by 18.5% in the 3rd quarter. Byrne Asset Management LLC now owns 10,940 shares of the savings and loans company's stock valued at $182,000 after acquiring an additional 1,710 shares during the period. 70.98% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of research analysts recently weighed in on OCFC shares. Weiss Ratings downgraded OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, September 25th. Piper Sandler dropped their price objective on 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 research analysts have rated the stock with a Hold rating. According to MarketBeat, OceanFirst Financial currently has an average rating of "Hold" and an average price target of $19.00.
Check Out Our Latest Stock Report on OceanFirst Financial
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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