Wedge Capital Management L L P NC Has $6.80 Million Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)

Wedge Capital Management L L P NC lowered its stake in OceanFirst Financial Corp. (NASDAQ:OCFCGet Rating) by 3.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,374 shares of the savings and loans company’s stock after selling 14,589 shares during the period. Wedge Capital Management L L P NC owned approximately 0.60% of OceanFirst Financial worth $6,798,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Teacher Retirement System of Texas grew its stake in OceanFirst Financial by 6.1% in the 1st quarter. Teacher Retirement System of Texas now owns 12,268 shares of the savings and loans company’s stock valued at $247,000 after buying an additional 700 shares during the last quarter. CRA Financial Services LLC boosted its holdings in OceanFirst Financial by 7.2% during the first quarter. CRA Financial Services LLC now owns 12,181 shares of the savings and loans company’s stock valued at $245,000 after acquiring an additional 816 shares during the period. Great West Life Assurance Co. Can grew its position in shares of OceanFirst Financial by 23.0% in the first quarter. Great West Life Assurance Co. Can now owns 4,917 shares of the savings and loans company’s stock valued at $103,000 after purchasing an additional 919 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in shares of OceanFirst Financial by 1.4% in the first quarter. Gamco Investors INC. ET AL now owns 105,000 shares of the savings and loans company’s stock worth $2,111,000 after purchasing an additional 1,500 shares during the period. Finally, Addison Capital Co increased its stake in shares of OceanFirst Financial by 2.3% in the first quarter. Addison Capital Co now owns 66,411 shares of the savings and loans company’s stock worth $1,335,000 after purchasing an additional 1,524 shares during the period. Institutional investors own 70.54% of the company’s stock.

OceanFirst Financial Stock Performance

NASDAQ:OCFC opened at $20.28 on Wednesday. The firm’s 50-day moving average is $20.18 and its 200-day moving average is $19.82. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 12.29 and a beta of 0.83. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 0.97. OceanFirst Financial Corp. has a 52-week low of $18.24 and a 52-week high of $24.25.

OceanFirst Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Monday, August 8th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.94%. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Friday, August 5th. OceanFirst Financial’s payout ratio is currently 48.49%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. DA Davidson reaffirmed a “buy” rating on shares of OceanFirst Financial in a report on Wednesday, July 27th. StockNews.com raised OceanFirst Financial from a “hold” rating to a “buy” rating in a research report on Wednesday.

Insider Buying and Selling at OceanFirst Financial

In other news, Director Michael D. Devlin sold 60,000 shares of OceanFirst Financial stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following the sale, the director now owns 52,114 shares of the company’s stock, valued at approximately $1,074,069.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Michael D. Devlin sold 60,000 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $20.61, for a total value of $1,236,600.00. Following the completion of the transaction, the director now owns 52,114 shares in the company, valued at approximately $1,074,069.54. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Patrick Sean Barrett acquired 10,500 shares of OceanFirst Financial stock in a transaction dated Friday, June 24th. The shares were acquired at an average cost of $18.91 per share, with a total value 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 approximately $387,806.28. The disclosure for this purchase can be found here. Insiders own 4.90% of the company’s stock.

OceanFirst Financial Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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