Truist Financial Corp decreased its position in OceanFirst Financial Corp. (NASDAQ:OCFC – Free Report) by 21.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,820 shares of the savings and loans company’s stock after selling 6,412 shares during the period. Truist Financial Corp’s holdings in OceanFirst Financial were worth $372,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of OCFC. Quarry LP lifted its holdings in OceanFirst Financial by 162.1% in the first quarter. Quarry LP now owns 1,562 shares of the savings and loans company’s stock valued at $29,000 after buying an additional 966 shares during the period. Tower Research Capital LLC TRC lifted its holdings in OceanFirst Financial by 279.6% in the first quarter. Tower Research Capital LLC TRC now owns 2,331 shares of the savings and loans company’s stock valued at $43,000 after buying an additional 1,717 shares during the period. New York State Teachers Retirement System acquired a new position in OceanFirst Financial in the first quarter valued at $95,000. Great West Life Assurance Co. Can lifted its holdings in 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 buying an additional 919 shares during the period. Finally, Dark Forest Capital Management LP lifted its holdings in OceanFirst Financial by 58.9% in the first quarter. Dark Forest Capital Management LP now owns 8,042 shares of the savings and loans company’s stock valued at $149,000 after buying an additional 2,982 shares during the period. Institutional investors and hedge funds own 70.40% of the company’s stock.
Analysts Set New Price Targets
OCFC has been the topic of several recent analyst reports. DA Davidson lowered shares of OceanFirst Financial from a “buy” rating to a “neutral” rating and set a $17.00 target price on the stock. in a report on Monday, September 18th. Piper Sandler dropped their price objective on shares of OceanFirst Financial from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, October 23rd. TheStreet lowered shares of OceanFirst Financial from a “b-” rating to a “c+” rating in a report on Wednesday, October 4th. Stephens reiterated an “equal weight” rating and set a $20.00 price objective on shares of OceanFirst Financial in a report on Friday, July 21st. Finally, StockNews.com initiated coverage on shares of OceanFirst Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.50.
Insider Transactions at OceanFirst Financial
In related news, insider Anthony Giordano III purchased 2,345 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was bought at an average price of $12.75 per share, for a total transaction of $29,898.75. Following the purchase, the insider now directly owns 22,459 shares in the company, valued at approximately $286,352.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.60% of the stock is currently owned by company insiders.
OceanFirst Financial Trading Down 0.1 %
NASDAQ:OCFC opened at $13.19 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.03 and a current ratio of 0.99. The firm has a market cap of $783.79 million, a price-to-earnings ratio of 6.19 and a beta of 0.98. OceanFirst Financial Corp. has a 52 week low of $12.01 and a 52 week high of $24.93. The firm has a 50-day moving average price of $14.40 and a two-hundred day moving average price of $15.54.
OceanFirst Financial (NASDAQ:OCFC – Get Free Report) last posted its quarterly earnings data on Thursday, October 19th. The savings and loans company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.05). The firm had revenue of $101.76 million during the quarter, compared to analysts’ expectations of $101.83 million. OceanFirst Financial had a net margin of 20.67% and a return on equity of 7.55%. On average, equities analysts expect that OceanFirst Financial Corp. will post 1.75 earnings per share for the current fiscal year.
OceanFirst Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be paid a $0.20 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.80 annualized dividend and a yield of 6.07%. OceanFirst Financial’s dividend payout ratio (DPR) is 37.56%.
About OceanFirst Financial
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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