Bank of New York Mellon Corp Has $7.01 Million Stock Holdings in OceanFirst Financial Corp. $OCFC

Bank of New York Mellon Corp increased its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 398,036 shares of the savings and loans company’s stock after purchasing an additional 11,646 shares during the period. Bank of New York Mellon Corp owned approximately 0.68% of OceanFirst Financial worth $7,009,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OCFC. Strs Ohio acquired a new position in shares of OceanFirst Financial during the first quarter valued at about $624,000. Vanguard Group Inc. increased its position in OceanFirst Financial by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 3,516,177 shares of the savings and loans company’s stock valued at $59,810,000 after buying an additional 61,515 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in OceanFirst Financial by 61.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 31,441 shares of the savings and loans company’s stock worth $535,000 after buying an additional 11,987 shares during the period. Mendon Capital Advisors Corp boosted its holdings in OceanFirst Financial by 100.0% in the first quarter. Mendon Capital Advisors Corp now owns 100,000 shares of the savings and loans company’s stock worth $1,701,000 after acquiring an additional 50,000 shares in the last quarter. Finally, Third Avenue Management LLC lifted its holdings in shares of OceanFirst Financial by 91.7% in the 1st quarter. Third Avenue Management LLC now owns 116,643 shares of the savings and loans company’s stock worth $1,984,000 after purchasing an additional 55,784 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

OceanFirst Financial Trading Up 4.7%

Shares of OceanFirst Financial stock opened at $18.20 on Friday. The stock has a market capitalization of $1.04 billion, a P/E ratio of 14.11 and a beta of 1.06. OceanFirst Financial Corp. has a 52-week low of $14.29 and a 52-week high of $21.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.01. The stock’s 50-day simple moving average is $18.08 and its 200 day simple moving average is $17.72.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Wednesday, June 14th. The savings and loans company reported $0.49 earnings per share for the quarter. OceanFirst Financial had a net margin of 11.77% and a return on equity of 5.00%. The business had revenue of $93.08 million during the quarter. As a group, research analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current year.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Monday, November 3rd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, November 3rd. OceanFirst Financial’s dividend payout ratio is presently 62.02%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OCFC. Weiss Ratings reissued a “hold (c)” rating on shares of OceanFirst Financial in a research report on Wednesday, October 8th. Zacks Research raised OceanFirst Financial from a “strong sell” rating to a “hold” rating in a report on Monday, October 27th. Keefe, Bruyette & Woods upgraded OceanFirst Financial from a “market perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a report on Friday, October 10th. DA Davidson initiated coverage on OceanFirst Financial in a research report on Monday, October 27th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $23.00 price target (up from $21.00) on shares of OceanFirst Financial in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

OceanFirst Financial 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.