Wellington Management Group LLP Lowers Stock Holdings in OceanFirst Financial Corp. (NASDAQ:OCFC)

Wellington Management Group LLP lowered its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 44.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 165,710 shares of the savings and loans company’s stock after selling 133,800 shares during the quarter. Wellington Management Group LLP owned about 0.28% of OceanFirst Financial worth $2,398,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC boosted its holdings in OceanFirst Financial by 115,464.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 16,677,082 shares of the savings and loans company’s stock valued at $354,388,000 after purchasing an additional 16,662,651 shares in the last quarter. BlackRock Inc. boosted its holdings in OceanFirst Financial by 11.0% in the 2nd quarter. BlackRock Inc. now owns 8,449,389 shares of the savings and loans company’s stock valued at $131,979,000 after purchasing an additional 835,052 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in OceanFirst Financial by 6.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,603,798 shares of the savings and loans company’s stock valued at $66,598,000 after purchasing an additional 220,219 shares in the last quarter. Vanguard Group Inc. boosted its holdings in OceanFirst Financial by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 3,026,809 shares of the savings and loans company’s stock valued at $60,838,000 after purchasing an additional 93,848 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in OceanFirst Financial by 13.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,660,685 shares of the savings and loans company’s stock valued at $49,170,000 after purchasing an additional 308,240 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC opened at $16.10 on Thursday. The business’s 50 day simple moving average is $15.92 and its 200-day simple moving average is $15.36. The firm has a market capitalization of $949.10 million, a price-to-earnings ratio of 9.47 and a beta of 0.99. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98. OceanFirst Financial Corp. has a 12 month low of $12.01 and a 12 month high of $19.58.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, January 18th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. OceanFirst Financial had a return on equity of 6.65% and a net margin of 16.21%. The firm had revenue of $99.69 million during the quarter, compared to the consensus estimate of $97.26 million. As a group, equities analysts forecast that OceanFirst Financial Corp. will post 1.76 earnings per share for the current fiscal year.

OceanFirst Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Investors of record on Monday, February 5th were given a dividend of $0.20 per share. The ex-dividend date was Friday, February 2nd. This represents a $0.80 annualized dividend and a dividend yield of 4.97%. OceanFirst Financial’s dividend payout ratio is currently 47.06%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OCFC. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Raymond James lifted their price objective on OceanFirst Financial from $21.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, January 22nd. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.00.

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.