Connor Clark & Lunn Investment Management Ltd. Boosts Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 30.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,017 shares of the savings and loans company's stock after buying an additional 19,478 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of OceanFirst Financial worth $1,503,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of 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 valued at $27,000 after buying an additional 1,337 shares during the period. Point72 DIFC Ltd purchased a new position in shares of OceanFirst Financial during the third quarter valued at approximately $41,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of 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 valued at $57,000 after purchasing an additional 1,379 shares in the last quarter. Venturi Wealth Management LLC bought a new stake in shares of OceanFirst Financial during the fourth quarter valued at approximately $65,000. Finally, Global Retirement Partners LLC boosted its position in shares of OceanFirst Financial by 1,009.6% during the fourth quarter. Global Retirement Partners LLC now owns 5,548 shares of the savings and loans company's stock valued at $100,000 after purchasing an additional 5,048 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

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

OceanFirst Financial Stock Down 0.8 %

OceanFirst Financial stock traded down $0.13 during mid-day trading on Friday, hitting $17.04. The company had a trading volume of 624,955 shares, compared to its average volume of 278,452. 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 stock's 50 day moving average price is $17.89 and its two-hundred day moving average price is $18.44. OceanFirst Financial Corp. has a 12 month low of $14.03 and a 12 month high of $21.87. The company has a market capitalization of $997.81 million, a PE ratio of 10.33 and a beta of 1.03.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.6 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend was Monday, February 3rd. OceanFirst Financial's payout ratio is currently 48.48%.

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.