StockNews.com Begins Coverage on OceanFirst Financial (NASDAQ:OCFC)

StockNews.com started coverage on shares of OceanFirst Financial (NASDAQ:OCFC – Get Rating) in a report published on Thursday morning. The firm issued a hold rating on the savings and loans company’s stock.

Separately, Piper Sandler cut shares of OceanFirst Financial from an overweight rating to a neutral rating and set a $25.00 price objective on the stock. in a research note on Monday, December 12th.

OceanFirst Financial Trading Down 7.9 %

OceanFirst Financial stock opened at $18.71 on Thursday. OceanFirst Financial has a 52-week low of $17.72 and a 52-week high of $24.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 7.73 and a beta of 0.91. The firm has a 50-day moving average price of $22.91 and a two-hundred day moving average price of $21.83.

OceanFirst Financial (NASDAQ:OCFC – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The savings and loans company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. OceanFirst Financial had a return on equity of 9.21% and a net margin of 29.90%. The business had revenue of $134.04 million during the quarter, compared to the consensus estimate of $110.75 million. Sell-side analysts expect that OceanFirst Financial will post 2.76 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, February 3rd. This represents a $0.80 annualized dividend and a yield of 4.28%. OceanFirst Financial’s payout ratio is 33.06%.

Insiders Place Their Bets

In other news, VP Steven James Tsimbinos purchased 2,000 shares of the stock in a transaction dated Monday, March 13th. The shares were bought at an average cost of $22.12 per share, for a total transaction of $44,240.00. Following the transaction, the vice president now owns 3,000 shares in the company, valued at $66,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other OceanFirst Financial news, VP Steven James Tsimbinos purchased 2,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was bought at an average cost of $22.12 per share, with a total value of $44,240.00. Following the acquisition, the vice president now owns 3,000 shares of the company’s stock, valued at $66,360. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Jr. Murphy acquired 3,643 shares of OceanFirst Financial stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $21.93 per share, with a total value of $79,890.99. Following the transaction, the director now owns 3,643 shares in the company, valued at approximately $79,890.99. The disclosure for this purchase can be found here. Insiders bought 6,643 shares of company stock worth $146,121 over the last ninety days. Company insiders own 4.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OCFC. Cerity Partners LLC boosted its stake in shares of OceanFirst Financial by 0.7% during the 4th quarter. Cerity Partners LLC now owns 59,404 shares of the savings and loans company’s stock worth $1,262,000 after acquiring an additional 418 shares in the last quarter. Dakota Wealth Management lifted its holdings in shares of OceanFirst Financial by 4.2% during the fourth quarter. Dakota Wealth Management now owns 10,776 shares of the savings and loans company’s stock valued at $229,000 after purchasing an additional 431 shares during the last quarter. BNP Paribas Arbitrage SNC boosted its position in shares of OceanFirst Financial by 1.9% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 23,502 shares of the savings and loans company’s stock valued at $438,000 after purchasing an additional 443 shares during the period. Mattern Wealth Management LLC increased its stake in OceanFirst Financial by 3.9% in the 3rd quarter. Mattern Wealth Management LLC now owns 13,400 shares of the savings and loans company’s stock worth $250,000 after purchasing an additional 500 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in OceanFirst Financial by 1.3% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 40,494 shares of the savings and loans company’s stock worth $755,000 after buying an additional 531 shares during the period. Institutional investors and hedge funds own 69.77% of the company’s stock.

OceanFirst Financial Company Profile

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OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. It has retail branches throughout the state and in metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.