Cubist Systematic Strategies LLC Raises Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Cubist Systematic Strategies LLC grew its position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 321.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,275 shares of the savings and loans company's stock after acquiring an additional 50,535 shares during the period. Cubist Systematic Strategies LLC owned about 0.11% of OceanFirst Financial worth $1,200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in OCFC. Foundry Partners LLC boosted its holdings in shares of OceanFirst Financial by 1,985.9% in the fourth quarter. Foundry Partners LLC now owns 303,794 shares of the savings and loans company's stock valued at $5,499,000 after acquiring an additional 289,230 shares in the last quarter. Mesirow Institutional Investment Management Inc. boosted its holdings in shares of OceanFirst Financial by 34.4% in the fourth quarter. Mesirow Institutional Investment Management Inc. now owns 697,788 shares of the savings and loans company's stock valued at $12,630,000 after acquiring an additional 178,761 shares in the last quarter. Basswood Capital Management L.L.C. purchased a new stake in shares of OceanFirst Financial in the fourth quarter valued at about $2,695,000. American Century Companies Inc. boosted its holdings in shares of OceanFirst Financial by 11.2% in the fourth quarter. American Century Companies Inc. now owns 1,208,800 shares of the savings and loans company's stock valued at $21,879,000 after acquiring an additional 121,923 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of OceanFirst Financial by 24.5% in the fourth quarter. Barclays PLC now owns 372,771 shares of the savings and loans company's stock valued at $6,747,000 after acquiring an additional 73,337 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Wall Street Analyst Weigh In

OCFC has been the subject of several recent analyst reports. Stephens reiterated an "equal weight" rating and issued a $22.00 price objective on shares of OceanFirst Financial in a research note on Friday, January 24th. Keefe, Bruyette & Woods reduced their price objective on shares of OceanFirst Financial from $21.00 to $20.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Hovde Group reduced their price objective on shares of OceanFirst Financial from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Monday, January 27th. Finally, Raymond James reduced their price objective on shares of OceanFirst Financial from $24.00 to $21.00 and set a "strong-buy" rating for the company in a research note on Wednesday, April 2nd. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.67.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $17.63 on Wednesday. The company has a market cap of $1.03 billion, a PE ratio of 10.68 and a beta of 0.99. OceanFirst Financial Corp. has a 12 month low of $14.03 and a 12 month high of $21.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 1.00. The company has a 50-day simple moving average of $16.43 and a 200-day simple moving average of $17.99.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The savings and loans company reported $0.35 EPS for the quarter, hitting analysts' consensus estimates of $0.35. OceanFirst Financial had a net margin of 14.45% and a return on equity of 5.75%. The business had revenue of $97.91 million during the quarter, compared to the consensus estimate of $95.66 million. On average, equities analysts anticipate that OceanFirst Financial Corp. will post 1.6 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Monday, May 5th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, May 5th. This represents a $0.80 dividend on an annualized basis and a yield of 4.54%. OceanFirst Financial's payout ratio is 52.29%.

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.

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