OceanFirst Financial Corp. (NASDAQ:OCFC – Get Free Report) has been given an average recommendation of “Hold” by the six research firms that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $21.50.
A number of research firms recently issued reports on OCFC. Weiss Ratings upgraded OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note 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.
Read Our Latest Analysis on OceanFirst Financial
OceanFirst Financial Stock Down 0.6%
OceanFirst Financial (NASDAQ:OCFC – Get Free Report) last released 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. The company had revenue of $131.33 million during the quarter, compared to the consensus estimate of $135.62 million. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. On average, equities analysts predict that OceanFirst Financial will post 1.81 EPS for the current fiscal year.
OceanFirst Financial Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a $0.20 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.3%. OceanFirst Financial’s payout ratio is currently 94.12%.
Insider Transactions at OceanFirst Financial
In other OceanFirst Financial news, EVP Brian Schaeffer sold 5,500 shares of the company’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 completion of the sale, the executive vice president directly owned 83,068 shares of the company’s stock, valued at $1,570,815.88. This represents a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Buran sold 113,463 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $19.40, for a total value of $2,201,182.20. Additional details regarding this sale are available in the official SEC disclosure. 5.40% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in OceanFirst Financial during the second quarter worth about $194,135,000. California State Teachers Retirement System increased its stake in OceanFirst Financial by 3,185.8% in the 2nd quarter. California State Teachers Retirement System now owns 1,756,118 shares of the savings and loans company’s stock valued at $34,297,000 after purchasing an additional 1,702,672 shares in the last quarter. Wellington Management Group LLP raised its holdings in OceanFirst Financial by 58.5% during the second quarter. Wellington Management Group LLP now owns 4,114,069 shares of the savings and loans company’s stock worth $80,348,000 after purchasing an additional 1,518,636 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in OceanFirst Financial during the second quarter worth $12,593,000. Finally, Bank of America Corp DE acquired a new stake in OceanFirst Financial in the second quarter valued at $10,209,000. 70.98% of the stock is owned by hedge funds and other institutional investors.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. is the bank holding company for OceanFirst Bank, a community-focused financial institution headquartered in Toms River, New Jersey. OceanFirst Bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking platforms.
The bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, consumer lending, commercial real estate financing, business loans and lines of credit.
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