John Buran Sells 113,463 Shares of OceanFirst Financial (NASDAQ:OCFC) Stock

OceanFirst Financial Corp. (NASDAQ:OCFC) Director John Buran sold 113,463 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $19.40, for a total transaction of $2,201,182.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

OceanFirst Financial Stock Up 0.4%

OCFC stock traded up $0.08 during mid-day trading on Tuesday, reaching $19.08. 792,309 shares of the company traded hands, compared to its average volume of 838,231. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 22.45 and a beta of 0.99. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.88. OceanFirst Financial Corp. has a fifty-two week low of $16.35 and a fifty-two week high of $20.61. The firm’s 50 day moving average price is $19.01 and its 200 day moving average price is $18.78.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting analysts’ consensus estimates of $0.43. The firm had revenue of $131.33 million during the quarter, compared to analyst estimates of $135.62 million. OceanFirst Financial had a return on equity of 5.94% and a net margin of 6.38%. As a group, equities research analysts predict that OceanFirst Financial Corp. will post 1.81 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Monday, August 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, August 10th. This represents a $0.80 annualized dividend and a yield of 4.2%. OceanFirst Financial’s dividend payout ratio is 94.12%.

Hedge Funds Weigh In On OceanFirst Financial

Several institutional investors have recently modified their holdings of the business. Byrne Asset Management LLC increased its position in shares of OceanFirst Financial by 7.0% during the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock valued at $180,000 after acquiring an additional 600 shares during the last quarter. Royal Bank of Canada boosted its position in OceanFirst Financial by 1.3% in the first quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock worth $885,000 after purchasing an additional 608 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in OceanFirst Financial by 7.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock valued at $181,000 after purchasing an additional 673 shares during the period. Quantinno Capital Management LP grew its stake in OceanFirst Financial by 2.4% in the 1st quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company’s stock valued at $533,000 after purchasing an additional 692 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in OceanFirst Financial by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock valued at $362,000 after purchasing an additional 885 shares during the period. 70.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. DA Davidson increased their price target on OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $21.50.

OceanFirst Financial Company Profile

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.