American Century Companies Inc. Has $22.56 Million Stake in OceanFirst Financial Corp. $OCFC

Key Points

• American Century Companies Inc. increased its stake in OceanFirst Financial Corp. by 9.7%, owning approximately 2.27% of the company valued at about $22.56 million.
• Keefe, Bruyette & Woods lowered their target price on OceanFirst Financial from $21.00 to $20.00, while the stock currently has a consensus rating of "Moderate Buy" with an average target price of $20.67.
• OceanFirst Financial recently declared a quarterly dividend of $0.20 per share, providing an annualized dividend yield of 4.4%.

American Century Companies Inc. raised its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,326,378 shares of the savings and loans company's stock after purchasing an additional 117,578 shares during the period. American Century Companies Inc. owned approximately 2.27% of OceanFirst Financial worth $22,562,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OCFC. Sterling Capital Management LLC raised its position in OceanFirst Financial by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,843 shares of the savings and loans company's stock valued at $33,000 after purchasing an additional 1,640 shares in the last quarter. Quarry LP acquired a new position in OceanFirst Financial during the fourth quarter valued at approximately $57,000. Aigen Investment Management LP acquired a new position in OceanFirst Financial during the first quarter valued at approximately $175,000. Cary Street Partners Financial LLC acquired a new position in OceanFirst Financial during the fourth quarter valued at approximately $183,000. Finally, PharVision Advisers LLC acquired a new position in OceanFirst Financial during the fourth quarter valued at approximately $192,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC traded down $0.13 during trading on Thursday, hitting $18.41. 110,650 shares of the company were exchanged, compared to its average volume of 302,911. The business's 50 day moving average is $17.68 and its 200-day moving average is $17.17. The company has a market capitalization of $1.06 billion, a P/E ratio of 13.05 and a beta of 1.04. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.70. OceanFirst Financial Corp. has a 1-year low of $14.29 and a 1-year high of $21.87.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $99.37 million for the quarter, compared to analyst estimates of $101.26 million. OceanFirst Financial had a return on equity of 5.22% and a net margin of 12.89%. Equities analysts forecast that OceanFirst Financial Corp. will post 1.6 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, August 4th. This represents a $0.80 annualized dividend and a dividend yield of 4.3%. OceanFirst Financial's dividend payout ratio is 56.74%.

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.