Cornercap Investment Counsel Inc. Has $644,000 Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Cornercap Investment Counsel Inc. reduced its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 50.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,669 shares of the savings and loans company's stock after selling 35,312 shares during the period. Cornercap Investment Counsel Inc. owned approximately 0.06% of OceanFirst Financial worth $644,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. increased its stake in OceanFirst Financial by 0.5% in the 2nd quarter. Federated Hermes Inc. now owns 137,196 shares of the savings and loans company's stock worth $2,180,000 after purchasing an additional 658 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in OceanFirst Financial by 3.2% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 23,023 shares of the savings and loans company's stock worth $428,000 after purchasing an additional 724 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in OceanFirst Financial by 5.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 17,815 shares of the savings and loans company's stock worth $331,000 after purchasing an additional 995 shares in the last quarter. Quest Partners LLC increased its stake in OceanFirst Financial by 2.2% in the 2nd quarter. Quest Partners LLC now owns 52,372 shares of the savings and loans company's stock worth $832,000 after purchasing an additional 1,112 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in OceanFirst Financial in the 3rd quarter worth about $25,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Joseph M. Jr. Murphy sold 1,500 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.03, for a total value of $30,045.00. Following the completion of the sale, the director now directly owns 177,417 shares in the company, valued at approximately $3,553,662.51. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by corporate insiders.

OceanFirst Financial Stock Up 0.1 %

NASDAQ OCFC traded up $0.03 during trading on Friday, reaching $20.49. 171,773 shares of the company's stock were exchanged, compared to its average volume of 303,590. The firm has a market capitalization of $1.20 billion, a PE ratio of 11.71 and a beta of 1.01. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. OceanFirst Financial Corp. has a fifty-two week low of $13.41 and a fifty-two week high of $21.34. The company's fifty day simple moving average is $18.46 and its 200-day simple moving average is $16.89.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $96.90 million during the quarter, compared to analyst estimates of $92.79 million. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. Sell-side analysts predict that OceanFirst Financial Corp. will post 1.59 EPS for the current year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Monday, November 4th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, November 4th. This represents a $0.80 annualized dividend and a dividend yield of 3.90%. OceanFirst Financial's dividend payout ratio is 45.71%.

Analyst Ratings Changes

OCFC has been the topic of a number of analyst reports. Piper Sandler set a $17.00 price target on OceanFirst Financial and gave the stock a "neutral" rating in a research note on Friday, October 18th. Hovde Group raised their price objective on OceanFirst Financial from $19.50 to $21.50 and gave the stock an "outperform" rating in a research report on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $19.30.

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.