OceanFirst Financial Corp. (NASDAQ:OCFC) Position Boosted by Creative Planning

Creative Planning boosted its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 254.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 40,214 shares of the savings and loans company's stock after buying an additional 28,874 shares during the period. Creative Planning owned approximately 0.07% of OceanFirst Financial worth $639,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OCFC. Innealta Capital LLC acquired a new stake in OceanFirst Financial in the second quarter valued at approximately $25,000. Acadian Asset Management LLC acquired a new stake in OceanFirst Financial during the 1st quarter valued at $39,000. Meeder Asset Management Inc. purchased a new stake in OceanFirst Financial during the 2nd quarter worth $62,000. EMC Capital Management acquired a new position in OceanFirst Financial in the 1st quarter worth $150,000. Finally, ProShare Advisors LLC purchased a new position in OceanFirst Financial in the 1st quarter valued at about $172,000. 70.98% of the stock is owned by institutional investors and hedge funds.

OceanFirst Financial Stock Performance

OceanFirst Financial stock traded up $0.12 during midday trading on Monday, reaching $18.43. 163,465 shares of the stock traded hands, compared to its average volume of 309,405. OceanFirst Financial Corp. has a fifty-two week low of $12.01 and a fifty-two week high of $18.98. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 10.78 and a beta of 1.01. The firm has a fifty day moving average price of $17.29 and a two-hundred day moving average price of $16.25.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03). OceanFirst Financial had a return on equity of 5.85% and a net margin of 14.78%. The business had revenue of $170.41 million during the quarter, compared to the consensus estimate of $94.93 million. During the same period in the previous year, the company posted $0.46 EPS. On average, equities research analysts forecast that OceanFirst Financial Corp. will post 1.58 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Monday, August 5th. OceanFirst Financial's dividend payout ratio is currently 46.78%.

Analyst Upgrades and Downgrades

Separately, Hovde Group raised their price objective on OceanFirst Financial from $19.50 to $21.50 and gave the company an "outperform" rating in a research note on Friday, September 20th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $18.90.

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.