Jennison Associates LLC boosted its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 94.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,444 shares of the savings and loans company’s stock after purchasing an additional 10,419 shares during the period. Jennison Associates LLC’s holdings in OceanFirst Financial were worth $563,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in OCFC. Janus Henderson Group PLC acquired a new stake in OceanFirst Financial during the 2nd quarter valued at $6,326,000. Lord Abbett & CO. LLC increased its holdings in OceanFirst Financial by 303.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock valued at $8,118,000 after purchasing an additional 225,211 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in OceanFirst Financial by 16.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 902,624 shares of the savings and loans company’s stock valued at $24,479,000 after purchasing an additional 127,888 shares in the last quarter. State Street Corp increased its holdings in OceanFirst Financial by 23.8% during the 2nd quarter. State Street Corp now owns 581,074 shares of the savings and loans company’s stock valued at $15,758,000 after purchasing an additional 111,891 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in OceanFirst Financial by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,344,521 shares of the savings and loans company’s stock valued at $36,464,000 after purchasing an additional 103,028 shares in the last quarter. 71.05% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently weighed in on the company. BidaskClub raised OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 11th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $31.00 price target on shares of OceanFirst Financial in a report on Friday, October 27th. Zacks Investment Research cut OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. ValuEngine cut OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $37.00 price target on shares of OceanFirst Financial in a report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $31.67.
OceanFirst Financial Corp. (OCFC) opened at $25.73 on Tuesday. The company has a market capitalization of $861.16, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 1.39 and a beta of 0.56. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94. OceanFirst Financial Corp. has a 12-month low of $24.02 and a 12-month high of $30.65.
OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.45 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.45. The firm had revenue of $49.25 million for the quarter, compared to analyst estimates of $50.52 million. OceanFirst Financial had a return on equity of 9.54% and a net margin of 19.67%. equities research analysts predict that OceanFirst Financial Corp. will post 1.9 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Monday, February 5th will be given a $0.15 dividend. The ex-dividend date is Friday, February 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 2.33%. OceanFirst Financial’s payout ratio is 46.88%.
In other OceanFirst Financial news, CAO Joseph R. Iantosca sold 5,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $26.40, for a total value of $132,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Brady sold 20,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $26.02, for a total value of $520,400.00. The disclosure for this sale can be found here. 7.00% of the stock is currently owned by company insiders.
OceanFirst Financial Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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