OceanFirst Financial (NASDAQ:OCFC) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of OceanFirst Financial (NASDAQ:OCFC – Get Rating) in a research note published on Thursday. The brokerage issued a hold rating on the savings and loans company’s stock.

Separately, Piper Sandler downgraded OceanFirst Financial from an overweight rating to a neutral rating and set a $25.00 price target on the stock. in a research report on Monday, December 12th.

OceanFirst Financial Stock Performance

Shares of OCFC opened at $18.71 on Thursday. The company has a market capitalization of $1.11 billion, a PE ratio of 7.73 and a beta of 0.91. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.03 and a quick ratio of 1.03. OceanFirst Financial has a one year low of $17.72 and a one year high of $24.93. The company’s fifty day moving average price is $22.91 and its 200 day moving average price is $21.83.

OceanFirst Financial (NASDAQ:OCFC – Get Rating) last issued its quarterly earnings results on Thursday, January 19th. The savings and loans company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.04. OceanFirst Financial had a return on equity of 9.21% and a net margin of 29.90%. The company had revenue of $134.04 million for the quarter, compared to the consensus estimate of $110.75 million. As a group, analysts expect that OceanFirst Financial will post 2.76 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Monday, February 6th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, February 3rd. This represents a $0.80 annualized dividend and a yield of 4.28%. OceanFirst Financial’s dividend payout ratio is 33.06%.

Insider Transactions at OceanFirst Financial

In related news, VP Steven James Tsimbinos bought 2,000 shares of OceanFirst Financial stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $22.12 per share, for a total transaction of $44,240.00. Following the completion of the purchase, the vice president now owns 3,000 shares in the company, valued at $66,360. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other OceanFirst Financial news, Director Joseph M. Jr. Murphy acquired 3,643 shares of OceanFirst Financial stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $21.93 per share, with a total value of $79,890.99. Following the acquisition, the director now owns 3,643 shares of the company’s stock, valued at $79,890.99. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Steven James Tsimbinos bought 2,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $22.12 per share, for a total transaction of $44,240.00. Following the completion of the transaction, the vice president now owns 3,000 shares in the company, valued at approximately $66,360. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 6,643 shares of company stock worth $146,121. 4.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bailard Inc. bought a new position in shares of OceanFirst Financial during the 3rd quarter worth approximately $410,000. Prelude Capital Management LLC grew its holdings in shares of OceanFirst Financial by 15.1% in the 3rd quarter. Prelude Capital Management LLC now owns 55,965 shares of the savings and loans company’s stock worth $1,043,000 after purchasing an additional 7,358 shares during the last quarter. Trexquant Investment LP grew its holdings in shares of OceanFirst Financial by 8.1% in the 2nd quarter. Trexquant Investment LP now owns 20,530 shares of the savings and loans company’s stock worth $393,000 after purchasing an additional 1,536 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of OceanFirst Financial by 33.8% during the 2nd quarter. Lazard Asset Management LLC now owns 102,266 shares of the savings and loans company’s stock worth $1,955,000 after purchasing an additional 25,817 shares in the last quarter. Finally, Addison Capital Co lifted its holdings in OceanFirst Financial by 61.7% during the 4th quarter. Addison Capital Co now owns 139,290 shares of the savings and loans company’s stock valued at $2,960,000 after purchasing an additional 53,124 shares during the last quarter. Institutional investors own 69.77% of the company’s stock.

OceanFirst Financial Company Profile

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OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. It has retail branches throughout the state and in metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.