Bank of New York Mellon Corp Sells 61,054 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Bank of New York Mellon Corp lowered its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 390,793 shares of the savings and loans company's stock after selling 61,054 shares during the quarter. Bank of New York Mellon Corp owned 0.67% of OceanFirst Financial worth $7,073,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OCFC. Jane Street Group LLC increased its stake in shares of OceanFirst Financial by 0.7% during the 3rd quarter. Jane Street Group LLC now owns 71,504 shares of the savings and loans company's stock worth $1,329,000 after purchasing an additional 494 shares during the last quarter. Foundry Partners LLC increased its holdings in OceanFirst Financial by 8.5% in the 3rd quarter. Foundry Partners LLC now owns 14,564 shares of the savings and loans company's stock worth $271,000 after acquiring an additional 1,145 shares during the last quarter. Versant Capital Management Inc boosted its position in OceanFirst Financial by 1,036.4% during the fourth quarter. Versant Capital Management Inc now owns 1,466 shares of the savings and loans company's stock worth $27,000 after purchasing an additional 1,337 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its position in OceanFirst Financial by 82.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,055 shares of the savings and loans company's stock worth $57,000 after purchasing an additional 1,379 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of OceanFirst Financial by 2.0% in the fourth quarter. Rhumbline Advisers now owns 94,274 shares of the savings and loans company's stock worth $1,706,000 after purchasing an additional 1,863 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

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OceanFirst Financial Price Performance

Shares of OCFC stock traded up $0.02 during trading on Wednesday, hitting $17.13. The company had a trading volume of 155,403 shares, compared to its average volume of 278,199. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 10.38 and a beta of 1.03. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.79. The stock's 50-day moving average is $17.94 and its two-hundred day moving average is $18.46.

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

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.67%. The ex-dividend date was Monday, February 3rd. OceanFirst Financial's dividend payout ratio (DPR) is currently 48.48%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Raymond James raised shares of OceanFirst Financial from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, December 19th. Stephens reiterated an "equal weight" rating and issued a $22.00 price target on shares of OceanFirst Financial in a research report on Friday, January 24th. DA Davidson reissued a "neutral" rating and set a $22.00 price objective on shares of OceanFirst Financial in a report on Wednesday, December 4th. Keefe, Bruyette & Woods lifted their target price on OceanFirst Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Finally, Hovde Group lowered their price target on shares of OceanFirst Financial from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Monday, January 27th. Five research 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 stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $20.83.

OceanFirst Financial Company 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.