Geode Capital Management LLC Has $24.81 Million Position in OceanFirst Financial Corp. $OCFC

Geode Capital Management LLC cut its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,408,675 shares of the savings and loans company’s stock after selling 19,598 shares during the quarter. Geode Capital Management LLC owned about 2.45% of OceanFirst Financial worth $24,808,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of OceanFirst Financial during the first quarter worth $13,160,000. MetLife Investment Management LLC raised its stake in OceanFirst Financial by 1,226.5% in the 1st quarter. MetLife Investment Management LLC now owns 464,258 shares of the savings and loans company’s stock worth $7,897,000 after purchasing an additional 429,259 shares in the last quarter. CSM Advisors LLC bought a new stake in OceanFirst Financial in the 2nd quarter valued at about $5,182,000. American Century Companies Inc. grew its position in shares of OceanFirst Financial by 9.7% during the 1st quarter. American Century Companies Inc. now owns 1,326,378 shares of the savings and loans company’s stock worth $22,562,000 after purchasing an additional 117,578 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of OceanFirst Financial by 7.3% during the first quarter. Wellington Management Group LLP now owns 1,072,375 shares of the savings and loans company’s stock worth $18,241,000 after purchasing an additional 72,850 shares during the period. Institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Trading Down 0.1%

Shares of OCFC opened at $18.85 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.01. OceanFirst Financial Corp. has a 52-week low of $14.29 and a 52-week high of $21.08. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 14.61 and a beta of 1.06. The business’s fifty day moving average is $18.15 and its 200-day moving average is $17.79.

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 return on equity of 5.00% and a net margin of 11.77%.The business had revenue of $93.08 million for the quarter. Equities analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Monday, November 3rd. OceanFirst Financial’s dividend payout ratio is currently 62.02%.

Analysts Set New Price Targets

Several brokerages recently issued reports on OCFC. Weiss Ratings reiterated a “hold (c)” rating on shares of OceanFirst Financial in a research note 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 raised OceanFirst Financial from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a report on Friday, October 10th. Raymond James Financial restated a “strong-buy” rating and issued a $23.00 price target (up previously from $21.00) on shares of OceanFirst Financial in a research report on Monday, October 27th. Finally, DA Davidson started coverage on OceanFirst Financial in a research note on Monday, October 27th. They issued a “buy” rating and a $19.00 price target for the company. 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 company’s stock. According to MarketBeat.com, 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.