76,623 Shares in OceanFirst Financial Corp. $OCFC Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 76,623 OceanFirst Financial shares worth approximately $1.5 million, taking a 0.13% stake. Institutional investors collectively own 70.98% of the company.
• Director John R. Buran sold 113,463 shares for about $2.2 million at an average price of $19.40; insiders retain 5.40% ownership.
• OceanFirst reported quarterly EPS of $0.43, matching estimates, and maintains a quarterly dividend of $0.20, yielding about 4.2%. Analysts have a consensus “Hold” rating with an average price target of $21.50.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 76,623 shares of the savings and loans company's stock, valued at approximately $1,496,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of OceanFirst Financial at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OceanFirst Financial by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company's stock worth $582,000 after purchasing an additional 1,461 shares during the period. Empowered Funds LLC grew its holdings in shares of OceanFirst Financial by 5.5% in the 1st quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company's stock valued at $2,390,000 after buying an additional 7,359 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of OceanFirst Financial by 8.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company's stock valued at $2,417,000 after buying an additional 11,262 shares during the period. Jane Street Group LLC increased its position in shares of OceanFirst Financial by 107.0% in the 1st quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company's stock valued at $1,503,000 after buying an additional 45,673 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of OceanFirst Financial by 15.6% in the 2nd quarter. Prudential Financial Inc. now owns 24,450 shares of the savings and loans company's stock valued at $431,000 after buying an additional 3,295 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director John R. Buran sold 113,463 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $19.40, for a total transaction of $2,201,182.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.40% of the company's stock.

OceanFirst Financial Stock Down 0.1%

Shares of OceanFirst Financial stock opened at $18.88 on Friday. The firm has a market cap of $1.82 billion, a PE ratio of 22.21 and a beta of 0.99. The business's 50 day simple moving average is $19.32 and its 200 day simple moving average is $18.80. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92. OceanFirst Financial Corp. has a 52-week low of $17.05 and a 52-week high of $20.61.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share for the quarter, hitting analysts' consensus estimates of $0.43. The firm had revenue of $131.33 million during the quarter, compared to the consensus estimate of $135.62 million. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%. On average, analysts predict that OceanFirst Financial Corp. will post 1.81 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, August 10th. OceanFirst Financial's payout ratio is currently 94.12%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OCFC shares. Piper Sandler reiterated a "neutral" rating and set a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a report on Wednesday, August 5th. Weiss Ratings upgraded OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, June 29th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $21.50.

About OceanFirst Financial

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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