Jupiter Topco LLC Purchases Shares of 36,388 OceanFirst Financial Corp. $OCFC

Jupiter Topco LLC acquired a new position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,388 shares of the savings and loans company’s stock, valued at approximately $711,000.

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

OceanFirst Financial Price Performance

Shares of OCFC stock opened at $19.43 on Monday. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 22.86 and a beta of 0.97. OceanFirst Financial Corp. has a 12 month low of $17.05 and a 12 month high of $20.61. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock has a 50-day moving average price of $19.35 and a 200 day moving average price of $18.78.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.43. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. The company had revenue of $131.33 million for the quarter, compared to analyst estimates of $135.62 million. Research analysts expect that OceanFirst Financial Corp. will post 1.81 EPS for the current year.

OceanFirst Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.1%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 94.12%.

Insider Buying and Selling

In other OceanFirst Financial news, Director John Buran sold 113,463 shares of OceanFirst Financial stock in a transaction on Friday, August 7th. The shares were 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 link. Also, EVP Brian Schaeffer sold 5,500 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $18.91, for a total transaction of $104,005.00. Following the sale, the executive vice president owned 83,068 shares of the company’s stock, valued at $1,570,815.88. The trade was a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

OCFC has been the topic of several research reports. Piper Sandler reiterated a “neutral” rating and set a $21.00 price target (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $21.50.

About OceanFirst Financial

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.