Fifth Third Bancorp Takes Position in OceanFirst Financial Corp. $OCFC

Fifth Third Bancorp acquired a new position in OceanFirst Financial Corp. (NASDAQ:OCFC) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 27,741 shares of the savings and loans company’s stock, valued at approximately $500,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Capital Co boosted its holdings in shares of OceanFirst Financial by 34.6% in the 1st quarter. Addison Capital Co now owns 165,173 shares of the savings and loans company’s stock valued at $2,980,000 after acquiring an additional 42,450 shares during the last quarter. Strs Ohio raised its holdings in shares of OceanFirst Financial by 8.7% during the first quarter. Strs Ohio now owns 38,800 shares of the savings and loans company’s stock worth $700,000 after purchasing an additional 3,100 shares during the last quarter. MQS Management LLC acquired a new position in OceanFirst Financial during the first quarter valued at $279,000. SG Americas Securities LLC lifted its position in OceanFirst Financial by 37.2% during the first quarter. SG Americas Securities LLC now owns 38,136 shares of the savings and loans company’s stock valued at $688,000 after purchasing an additional 10,349 shares during the period. Finally, World Investment Advisors purchased a new stake in OceanFirst Financial in the fourth quarter valued at $395,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

OceanFirst Financial Stock Down 1.5%

OCFC stock opened at $19.73 on Thursday. The stock has a market capitalization of $1.14 billion, a P/E ratio of 16.86 and a beta of 0.98. The firm has a 50-day simple moving average of $18.89 and a 200-day simple moving average of $18.70. 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 52 week low of $16.09 and a 52 week high of $20.61.

Analysts Set New Price Targets

A number of analysts have recently commented on OCFC shares. Piper Sandler set a $19.00 target price on OceanFirst Financial and gave the stock a “neutral” rating in a research note on Friday, June 12th. Weiss Ratings raised OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. Finally, DA Davidson upped their price objective on OceanFirst Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, OceanFirst Financial presently has an average rating of “Hold” and an average target price of $21.00.

OceanFirst Financial 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.