Wellington Management Group LLP Reduces Stock Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Wellington Management Group LLP decreased its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 7.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 999,525 shares of the savings and loans company's stock after selling 83,330 shares during the quarter. Wellington Management Group LLP owned approximately 1.71% of OceanFirst Financial worth $18,091,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of OCFC. JPMorgan Chase & Co. raised its holdings in OceanFirst Financial by 14.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,241,191 shares of the savings and loans company's stock valued at $23,074,000 after buying an additional 157,711 shares during the last quarter. American Century Companies Inc. raised its stake in OceanFirst Financial by 11.2% during the fourth quarter. American Century Companies Inc. now owns 1,208,800 shares of the savings and loans company's stock worth $21,879,000 after buying an additional 121,923 shares during the last quarter. Barclays PLC boosted its position in OceanFirst Financial by 13.0% during the third quarter. Barclays PLC now owns 299,434 shares of the savings and loans company's stock valued at $5,566,000 after acquiring an additional 34,458 shares during the last quarter. Royce & Associates LP raised its position in shares of OceanFirst Financial by 4.1% in the 4th quarter. Royce & Associates LP now owns 763,840 shares of the savings and loans company's stock worth $13,826,000 after acquiring an additional 30,399 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of OceanFirst Financial by 27.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 140,665 shares of the savings and loans company's stock valued at $2,546,000 after purchasing an additional 30,373 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

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Wall Street Analyst Weigh In

OCFC has been the topic of a number of research reports. Raymond James dropped their target price on shares of OceanFirst Financial from $24.00 to $21.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, April 2nd. Stephens restated an "equal weight" rating and set a $22.00 price objective on shares of OceanFirst Financial in a research note on Friday, January 24th. Finally, Hovde Group lowered their target price on shares of OceanFirst Financial from $23.00 to $22.00 and set an "outperform" rating for the company in a report on Monday, January 27th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, OceanFirst Financial currently has a consensus rating of "Hold" and an average target price of $21.00.

OceanFirst Financial Price Performance

Shares of OCFC stock traded up $0.13 on Monday, reaching $14.89. The company's stock had a trading volume of 25,713 shares, compared to its average volume of 293,205. The stock's 50 day simple moving average is $17.08 and its 200-day simple moving average is $18.25. OceanFirst Financial Corp. has a 12-month low of $7.50 and a 12-month high of $21.87. The company has a market capitalization of $871.91 million, a P/E ratio of 9.02 and a beta of 0.94. 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, January 23rd. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. OceanFirst Financial had a net margin of 14.45% and a return on equity of 5.75%. As a group, equities analysts predict that OceanFirst Financial Corp. will post 1.6 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.37%. 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.