Envestnet Asset Management Inc. Has $535,000 Stock Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Envestnet Asset Management Inc. grew its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 61.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,441 shares of the savings and loans company’s stock after buying an additional 11,987 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.05% of OceanFirst Financial worth $535,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in OCFC. Sterling Capital Management LLC lifted its position in shares of OceanFirst Financial by 807.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,843 shares of the savings and loans company’s stock worth $33,000 after purchasing an additional 1,640 shares in the last quarter. Quarry LP purchased a new stake in shares of OceanFirst Financial in the fourth quarter worth approximately $57,000. Cary Street Partners Financial LLC purchased a new stake in shares of OceanFirst Financial in the fourth quarter worth approximately $183,000. PharVision Advisers LLC purchased a new stake in shares of OceanFirst Financial in the fourth quarter worth approximately $192,000. Finally, Captrust Financial Advisors lifted its position in shares of OceanFirst Financial by 8.1% in the fourth quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company’s stock worth $212,000 after purchasing an additional 882 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

OceanFirst Financial Price Performance

Shares of OCFC opened at $16.48 on Wednesday. The firm has a market cap of $962.10 million, a PE ratio of 11.69 and a beta of 1.04. The firm’s 50 day moving average price is $17.58 and its 200 day moving average price is $17.27. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.00 and a current ratio of 1.00. OceanFirst Financial Corp. has a twelve month low of $14.29 and a twelve month 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 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 the consensus estimate of $101.26 million. OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.18%. As a group, research analysts expect that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

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

OceanFirst Financial Company Profile

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.