State Street Corp Sells 56,274 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

State Street Corp trimmed its stake in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,677,227 shares of the savings and loans company's stock after selling 56,274 shares during the quarter. State Street Corp owned 2.87% of OceanFirst Financial worth $31,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Systematic Financial Management LP raised its holdings in shares of OceanFirst Financial by 10.8% during the third quarter. Systematic Financial Management LP now owns 917,085 shares of the savings and loans company's stock worth $17,049,000 after acquiring an additional 89,099 shares in the last quarter. Point72 DIFC Ltd acquired a new position in OceanFirst Financial in the 3rd quarter worth about $41,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of OceanFirst Financial during the 3rd quarter worth about $312,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of OceanFirst Financial by 82.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,055 shares of the savings and loans company's stock valued at $57,000 after buying an additional 1,379 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of OceanFirst Financial in the 3rd quarter valued at approximately $202,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

OceanFirst Financial Stock Performance

OCFC stock traded down $0.01 during mid-day trading on Friday, reaching $17.79. 807,825 shares of the stock traded hands, compared to its average volume of 300,968. The firm has a market capitalization of $1.04 billion, a PE ratio of 10.17 and a beta of 1.04. The business has a 50-day moving average of $19.52 and a two-hundred day moving average of $17.74. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87. 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 released its earnings results on Thursday, October 17th. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. The firm had revenue of $96.90 million for the quarter, compared to analyst estimates of $92.79 million. As a group, equities analysts predict that OceanFirst Financial Corp. will post 1.59 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date of this dividend was Monday, November 4th. OceanFirst Financial's dividend payout ratio (DPR) is currently 45.71%.

Wall Street Analysts Forecast Growth

OCFC has been the topic of several recent research reports. Hovde Group raised their price objective on shares of OceanFirst Financial from $19.50 to $21.50 and gave the company an "outperform" rating in a research report on Friday, September 20th. Raymond James upgraded shares of OceanFirst Financial from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday. Keefe, Bruyette & Woods upped their price objective on shares of OceanFirst Financial from $21.00 to $22.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the company a "neutral" rating in a report on Friday, October 18th. Finally, DA Davidson reiterated a "neutral" rating and set a $22.00 price target on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, OceanFirst Financial presently has an average rating of "Hold" and an average price target of $20.42.

Insider Activity at OceanFirst Financial

In other OceanFirst Financial news, Director Joseph M. Jr. Murphy sold 1,500 shares of the firm'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 owns 177,417 shares in the company, valued at approximately $3,553,662.51. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.00% of the company's stock.

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.