Quest Partners LLC Sells 29,121 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Quest Partners LLC reduced its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 55.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,251 shares of the savings and loans company's stock after selling 29,121 shares during the quarter. Quest Partners LLC's holdings in OceanFirst Financial were worth $432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its position in shares of OceanFirst Financial by 0.5% during the 2nd quarter. Federated Hermes Inc. now owns 137,196 shares of the savings and loans company's stock valued at $2,180,000 after buying 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 buying an additional 724 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in OceanFirst Financial by 5.9% during the third quarter. Harbor Capital Advisors Inc. now owns 17,815 shares of the savings and loans company's stock valued at $331,000 after acquiring an additional 995 shares during the period. Capital Performance Advisors LLP bought a new position in shares of OceanFirst Financial in the third quarter worth about $25,000. Finally, Creative Planning grew its position in shares of OceanFirst Financial by 3.5% during the third quarter. Creative Planning now owns 41,625 shares of the savings and loans company's stock worth $774,000 after purchasing an additional 1,411 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

OceanFirst Financial Price Performance

OceanFirst Financial stock traded up $0.74 during mid-day trading on Friday, reaching $20.88. 329,472 shares of the company's stock traded hands, compared to its average volume of 241,377. OceanFirst Financial Corp. has a 12-month low of $13.41 and a 12-month high of $21.34. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 11.93 and a beta of 1.01. The stock has a 50 day moving average of $18.76 and a two-hundred day moving average of $17.08. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.79.

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

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.80 dividend on an annualized basis and a yield of 3.83%. OceanFirst Financial's dividend payout ratio is currently 45.71%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. 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. DA Davidson raised their target price on shares of OceanFirst Financial from $20.00 to $22.00 and gave the company a "neutral" rating in a research note on Monday, November 18th. Finally, Hovde Group lifted their price target on shares of OceanFirst Financial from $19.50 to $21.50 and gave the company an "outperform" rating in a report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $19.75.

Insider Transactions at OceanFirst Financial

In related news, Director Joseph M. Jr. Murphy sold 1,500 shares of OceanFirst Financial stock in a transaction dated 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 $3,553,662.51. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 5.00% of the company's stock.

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.