Wellington Management Group LLP Increases Holdings in OceanFirst Financial Corp. (NASDAQ:OCFC)

Wellington Management Group LLP increased its position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 587.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,082,855 shares of the savings and loans company's stock after purchasing an additional 925,283 shares during the quarter. Wellington Management Group LLP owned approximately 1.85% of OceanFirst Financial worth $20,130,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Royce & Associates LP boosted its holdings in shares of OceanFirst Financial by 43.7% during the 3rd quarter. Royce & Associates LP now owns 733,441 shares of the savings and loans company's stock valued at $13,635,000 after buying an additional 223,203 shares in the last quarter. American Century Companies Inc. lifted its position in 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. AQR Capital Management LLC boosted its stake in OceanFirst Financial by 24.4% during the second quarter. AQR Capital Management LLC now owns 807,280 shares of the savings and loans company's stock worth $12,828,000 after acquiring an additional 158,590 shares in the last quarter. Systematic Financial Management LP grew its holdings in OceanFirst Financial by 10.8% in 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 purchasing an additional 89,099 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of OceanFirst Financial by 32.6% during the second quarter. Thrivent Financial for Lutherans now owns 272,243 shares of the savings and loans company's stock valued at $4,326,000 after purchasing an additional 66,918 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. DA Davidson reissued a "neutral" rating and issued a $22.00 price target on shares of OceanFirst Financial in a research report on Wednesday, December 4th. Hovde Group lifted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an "outperform" rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods increased their price objective on shares of OceanFirst Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Finally, Piper Sandler set a $17.00 target price on shares of OceanFirst Financial and gave the stock a "neutral" rating in a research note on Friday, October 18th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $20.42.

Insider Buying and Selling

In other news, Director Joseph M. Jr. Murphy sold 1,500 shares of the firm's 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 transaction, the director now owns 177,417 shares of the company's stock, valued at $3,553,662.51. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by insiders.

OceanFirst Financial Stock Performance

NASDAQ:OCFC traded down $0.37 during trading hours on Friday, reaching $19.40. The company had a trading volume of 384,848 shares, compared to its average volume of 296,984. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 11.09 and a beta of 1.04. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. The firm's 50 day moving average price is $19.42 and its 200-day moving average price is $17.53. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The savings and loans company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $96.90 million during the quarter, compared to analyst estimates of $92.79 million. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. On average, analysts forecast that OceanFirst Financial Corp. will post 1.59 EPS for the current year.

OceanFirst Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Monday, November 4th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Monday, November 4th. OceanFirst Financial's dividend payout ratio (DPR) is presently 45.71%.

OceanFirst Financial 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.