OceanFirst Financial’s (OCFC) “Neutral” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of OceanFirst Financial (NASDAQ:OCFC) in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a $19.50 target price on the savings and loans company’s stock, up from their previous target price of $18.00.

Separately, Weiss Ratings cut shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Four equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $19.75.

OceanFirst Financial Stock Up 0.9%

NASDAQ OCFC opened at $18.24 on Wednesday. OceanFirst Financial has a 12 month low of $15.60 and a 12 month high of $20.61. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.76 billion, a PE ratio of 25.33 and a beta of 1.01. The stock’s 50 day moving average is $17.41 and its 200 day moving average is $18.47.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.08. The business had revenue of $185.13 million during the quarter, compared to analyst estimates of $177.79 million. OceanFirst Financial had a net margin of 5.28% and a return on equity of 6.16%. Research analysts predict that OceanFirst Financial will post 1.81 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be issued a $0.20 dividend. The ex-dividend date is Monday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. OceanFirst Financial’s payout ratio is 111.11%.

Insider Activity

In other news, EVP Brian Schaeffer sold 5,500 shares of the company’s stock in a transaction dated 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 directly owned 83,068 shares in the company, valued at approximately $1,570,815.88. This represents a 6.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Patrick Barrett purchased 5,000 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was acquired at an average cost of $17.90 per share, with a total value of $89,500.00. Following the acquisition, the chief financial officer owned 152,350 shares in the company, valued at $2,727,065. The trade was a 3.39% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On OceanFirst Financial

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of OceanFirst Financial in the 2nd quarter valued at approximately $194,135,000. Wellington Management Group LLP raised its holdings in OceanFirst Financial by 58.5% during the 2nd quarter. Wellington Management Group LLP now owns 4,114,069 shares of the savings and loans company’s stock valued at $80,348,000 after buying an additional 1,518,636 shares during the period. Bank of New York Mellon Corp purchased a new stake in OceanFirst Financial during the 2nd quarter valued at $12,593,000. Bank of America Corp DE purchased a new stake in OceanFirst Financial during the 2nd quarter valued at $10,209,000. Finally, The Manufacturers Life Insurance Company bought a new stake in OceanFirst Financial in the second quarter worth $9,556,000. 70.98% of the stock is owned by institutional investors.

About OceanFirst Financial

OceanFirst Financial Corp. is the holding company for OceanFirst Bank, a community and regional bank headquartered in Toms River, New Jersey. The bank traces its roots to 1902, when it was established as a local savings institution in Point Pleasant, New Jersey. OceanFirst provides personal and business banking services, including deposit accounts, residential mortgages, commercial real estate and business loans, and cash management services. It also offers related financial services through its banking and wealth management operations.