Allworth Financial LP Takes Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Allworth Financial LP purchased a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 30,286 shares of the savings and loans company's stock, valued at approximately $575,000. Allworth Financial LP owned 0.05% of OceanFirst Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in OceanFirst Financial by 2.0% during the third quarter. Geode Capital Management LLC now owns 1,421,373 shares of the savings and loans company's stock valued at $26,428,000 after buying an additional 27,579 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of OceanFirst Financial by 14.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,241,191 shares of the savings and loans company's stock valued at $23,074,000 after purchasing an additional 157,711 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of OceanFirst Financial by 587.2% in the 3rd quarter. Wellington Management Group LLP now owns 1,082,855 shares of the savings and loans company's stock worth $20,130,000 after purchasing an additional 925,283 shares during the last quarter. Systematic Financial Management LP raised its holdings in shares of OceanFirst Financial by 10.8% in the 3rd quarter. Systematic Financial Management LP now owns 917,085 shares of the savings and loans company's stock worth $17,049,000 after purchasing an additional 89,099 shares in the last quarter. Finally, Royce & Associates LP raised its holdings in shares of OceanFirst Financial by 43.7% in the 3rd quarter. Royce & Associates LP now owns 733,441 shares of the savings and loans company's stock worth $13,635,000 after purchasing an additional 223,203 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC traded down $0.32 during trading on Friday, reaching $17.70. The stock had a trading volume of 254,706 shares, compared to its average volume of 327,218. The stock has a market capitalization of $1.03 billion, a PE ratio of 10.73 and a beta of 1.05. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 1.00. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87. The business's 50-day moving average price is $18.25 and its 200 day moving average price is $18.34.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its earnings results on Thursday, January 23rd. The savings and loans company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. OceanFirst Financial had a return on equity of 5.75% and a net margin of 14.45%. As a group, equities analysts predict that OceanFirst Financial Corp. will post 1.6 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $0.80 annualized dividend and a dividend yield of 4.52%. OceanFirst Financial's dividend payout ratio (DPR) is currently 48.49%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OCFC. Keefe, Bruyette & Woods raised their price objective on OceanFirst Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Stephens reissued an "equal weight" rating and set a $22.00 price objective on shares of OceanFirst Financial in a research report on Friday, January 24th. DA Davidson restated a "neutral" rating and set a $22.00 price target on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Hovde Group cut their price objective on OceanFirst Financial from $23.00 to $22.00 and set an "outperform" rating on the stock in a research note on Monday, January 27th. Finally, Raymond James upgraded shares of OceanFirst Financial from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $20.83.

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.