Victory Capital Management Inc. Trims Stock Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Victory Capital Management Inc. cut its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,448 shares of the savings and loans company’s stock after selling 1,007 shares during the quarter. Victory Capital Management Inc.’s holdings in OceanFirst Financial were worth $178,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Envestnet Asset Management Inc. increased its position in shares of OceanFirst Financial by 3.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 19,454 shares of the savings and loans company’s stock worth $352,000 after acquiring an additional 716 shares during the period. Captrust Financial Advisors increased its position in shares of OceanFirst Financial by 8.1% during the fourth quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company’s stock worth $212,000 after acquiring an additional 882 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of OceanFirst Financial by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,732 shares of the savings and loans company’s stock worth $592,000 after acquiring an additional 1,141 shares during the period. Sterling Capital Management LLC increased its position in shares of OceanFirst Financial by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,843 shares of the savings and loans company’s stock worth $33,000 after acquiring an additional 1,640 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of OceanFirst Financial by 19.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,319 shares of the savings and loans company’s stock worth $259,000 after acquiring an additional 2,376 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods cut their price objective on shares of OceanFirst Financial from $21.00 to $20.00 and set a “market perform” rating on the stock in a report on Monday, April 28th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.67.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $16.36 on Monday. The firm has a market cap of $955.10 million, a price-to-earnings ratio of 11.60 and a beta of 1.04. The company’s 50 day moving average is $17.59 and its 200 day moving average is $17.30. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.65. OceanFirst Financial Corp. has a 52-week low of $14.29 and a 52-week high of $21.87.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). The business had revenue of $99.37 million for the quarter, compared to analysts’ expectations of $101.26 million. OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.18%. On average, sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.9%. The ex-dividend date is Monday, August 4th. OceanFirst Financial’s dividend payout ratio (DPR) is 56.74%.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.