Renaissance Technologies LLC increased its stake in OceanFirst Financial Corp. (NASDAQ:OCFC – Free Report) by 114.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 307,356 shares of the savings and loans company’s stock after buying an additional 164,313 shares during the quarter. Renaissance Technologies LLC owned about 0.53% of OceanFirst Financial worth $5,545,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of OCFC. Tower Research Capital LLC TRC raised its stake in shares of OceanFirst Financial by 458.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company’s stock valued at $150,000 after acquiring an additional 6,998 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of OceanFirst Financial by 7.0% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock worth $181,000 after purchasing an additional 673 shares during the period. ProShare Advisors LLC purchased a new position in shares of OceanFirst Financial during the 4th quarter worth about $184,000. Corient Private Wealth LLC bought a new position in OceanFirst Financial during the 4th quarter valued at about $186,000. Finally, Millennium Management LLC bought a new position in OceanFirst Financial during the 4th quarter valued at about $192,000. 70.98% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have issued reports on OCFC shares. Piper Sandler reissued a “neutral” rating and issued a $21.00 price objective (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday. DA Davidson upped their target price on OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings upgraded OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, OceanFirst Financial currently has a consensus rating of “Hold” and an average price target of $21.50.
OceanFirst Financial Trading Up 0.3%
OCFC stock opened at $19.87 on Thursday. The company has a market capitalization of $1.14 billion, a PE ratio of 23.38 and a beta of 0.99. OceanFirst Financial Corp. has a 12 month low of $16.29 and a 12 month high of $20.61. The firm’s 50-day moving average is $18.97 and its 200 day moving average is $18.76. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.00 and a quick ratio of 1.00.
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 analysts’ expectations of $135.62 million. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.94%. On average, research analysts anticipate that OceanFirst Financial Corp. will post 1.81 EPS for the current year.
OceanFirst Financial Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Monday, August 10th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, August 10th. OceanFirst Financial’s payout ratio is currently 94.12%.
About OceanFirst Financial
OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.
The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.
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