Comerica Bank decreased its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC – Get Rating) by 13.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 102,533 shares of the savings and loans company’s stock after selling 15,999 shares during the period. Comerica Bank’s holdings in OceanFirst Financial were worth $2,033,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. CRA Financial Services LLC grew its stake in shares of OceanFirst Financial by 7.2% in the 1st quarter. CRA Financial Services LLC now owns 12,181 shares of the savings and loans company’s stock valued at $245,000 after buying an additional 816 shares in the last quarter. KBC Group NV grew its stake in shares of OceanFirst Financial by 10.9% in the 4th quarter. KBC Group NV now owns 27,335 shares of the savings and loans company’s stock valued at $607,000 after buying an additional 2,689 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in shares of OceanFirst Financial by 7.9% in the 4th quarter. Loomis Sayles & Co. L P now owns 753,686 shares of the savings and loans company’s stock valued at $16,732,000 after buying an additional 54,941 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of OceanFirst Financial by 154.2% in the 4th quarter. Russell Investments Group Ltd. now owns 309,794 shares of the savings and loans company’s stock valued at $6,875,000 after buying an additional 187,913 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of OceanFirst Financial in the 4th quarter valued at approximately $7,763,000. Institutional investors and hedge funds own 69.53% of the company’s stock.
Insider Transactions at OceanFirst Financial
In other OceanFirst Financial news, CFO Patrick Sean Barrett purchased 10,500 shares of the business’s stock in a transaction dated Friday, June 24th. The stock was bought at an average cost of $18.91 per share, for a total transaction of $198,555.00. Following the completion of the acquisition, the chief financial officer now directly owns 20,508 shares in the company, valued at $387,806.28. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.
Analyst Upgrades and Downgrades
OceanFirst Financial Stock Down 0.6 %
Shares of OceanFirst Financial stock opened at $19.84 on Friday. The stock has a market capitalization of $1.18 billion, a P/E ratio of 11.88 and a beta of 0.83. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $19.33 and a two-hundred day moving average price of $20.54. OceanFirst Financial Corp. has a 12-month low of $18.24 and a 12-month high of $24.25.
OceanFirst Financial (NASDAQ:OCFC – Get Rating) last announced its earnings results on Thursday, April 28th. The savings and loans company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $93.15 million. OceanFirst Financial had a return on equity of 7.69% and a net margin of 26.57%. During the same quarter in the prior year, the business earned $0.44 earnings per share. Equities analysts expect that OceanFirst Financial Corp. will post 2.24 earnings per share for the current year.
OceanFirst Financial Cuts Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 20th. Shareholders of record on Monday, May 9th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.68 dividend on an annualized basis and a yield of 3.43%. OceanFirst Financial’s payout ratio is currently 40.72%.
OceanFirst Financial Profile
OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.
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