Charles Schwab Investment Management Inc. lessened its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 9.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 768,565 shares of the savings and loans company's stock after selling 75,550 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.31% of OceanFirst Financial worth $14,288,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in OceanFirst Financial in the 3rd quarter valued at about $25,000. Innealta Capital LLC acquired a new stake in OceanFirst Financial during the second quarter worth about $25,000. Meeder Asset Management Inc. acquired a new position in shares of OceanFirst Financial in the second quarter valued at approximately $62,000. Intech Investment Management LLC bought a new position in shares of OceanFirst Financial during the 3rd quarter worth about $192,000. Finally, CWM LLC lifted its holdings in shares of OceanFirst Financial by 437.0% in the second quarter. CWM LLC now owns 10,525 shares of the savings and loans company's stock valued at $167,000 after purchasing an additional 8,565 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.
OceanFirst Financial Stock Performance
NASDAQ:OCFC traded down $0.23 during mid-day trading on Monday, hitting $20.04. 76,228 shares of the company's stock traded hands, compared to its average volume of 296,627. The firm has a 50 day moving average of $19.26 and a two-hundred day moving average of $17.43. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 11.58 and a beta of 1.04. OceanFirst Financial Corp. has a 12 month low of $14.03 and a 12 month high of $21.87.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its earnings results on Thursday, October 17th. The savings and loans company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. OceanFirst Financial had a net margin of 15.28% and a return on equity of 6.08%. The firm had revenue of $96.90 million during the quarter, compared to analyst estimates of $92.79 million. On average, equities analysts forecast that OceanFirst Financial Corp. will post 1.59 earnings per share for the current fiscal year.
OceanFirst Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.80 annualized dividend and a yield of 3.99%. OceanFirst Financial's payout ratio is 45.71%.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on OCFC shares. DA Davidson reaffirmed a "neutral" rating and set a $22.00 price objective on shares of OceanFirst Financial in a report on Wednesday, December 4th. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the stock a "neutral" rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods upped their price objective on OceanFirst Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Finally, Hovde Group increased their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an "outperform" rating in a research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $20.42.
Read Our Latest Stock Analysis on OceanFirst Financial
Insiders Place Their Bets
In related news, Director Joseph M. Jr. Murphy sold 1,500 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $20.03, for a total transaction of $30,045.00. Following the sale, the director now directly owns 177,417 shares in the company, valued at approximately $3,553,662.51. This represents a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.00% of the company's stock.
OceanFirst Financial Profile
(
Free Report)
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.
See Also
Before you consider OceanFirst Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and OceanFirst Financial wasn't on the list.
While OceanFirst Financial currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Options trading isn’t just for the Wall Street elite; it’s an accessible strategy for anyone armed with the proper knowledge. Think of options as a strategic toolkit, with each tool designed for a specific financial task. Keep reading to learn how options trading can help you use the market’s volatility to your advantage.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
