OceanFirst Financial (NASDAQ:OCFC) Trading Down 5.8% - What's Next?

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) fell 5.8% on Monday . The company traded as low as $17.97 and last traded at $17.99. 156,847 shares traded hands during trading, a decline of 49% from the average session volume of 308,028 shares. The stock had previously closed at $19.10.

Analyst Ratings Changes

A number of research firms recently weighed in on OCFC. Hovde Group boosted their target price on OceanFirst Financial from $19.50 to $21.50 and gave the stock an "outperform" rating in a report on Friday, September 20th. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the stock a "neutral" rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and two have assigned a 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 $19.30.

OceanFirst Financial Trading Down 6.6 %

The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.01 and a current ratio of 1.01. The business has a fifty day simple moving average of $17.66 and a 200 day simple moving average of $16.37. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 10.43 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings data on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The firm had revenue of $170.41 million during the quarter, compared to analyst estimates of $94.93 million. During the same period in the prior year, the company earned $0.46 earnings per share. As a group, research analysts expect that OceanFirst Financial Corp. will post 1.58 EPS for the current year.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, November 4th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.48%. OceanFirst Financial's payout ratio is 46.78%.

Institutional Trading of OceanFirst Financial

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of OceanFirst Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company's stock valued at $57,027,000 after acquiring an additional 105,764 shares during the period. Boston Partners lifted its position in shares of OceanFirst Financial by 3.2% during the 1st quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company's stock valued at $22,505,000 after acquiring an additional 42,966 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of OceanFirst Financial by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company's stock valued at $18,160,000 after acquiring an additional 66,868 shares during the period. American Century Companies Inc. lifted its position in shares of OceanFirst Financial by 20.8% during the 2nd quarter. American Century Companies Inc. now owns 956,320 shares of the savings and loans company's stock valued at $15,196,000 after acquiring an additional 164,626 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of OceanFirst Financial by 24.4% during the 2nd quarter. AQR Capital Management LLC now owns 807,280 shares of the savings and loans company's stock worth $12,828,000 after buying an additional 158,590 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

About OceanFirst Financial

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.