BlackRock Inc. Acquires Shares of 9,940,366 OceanFirst Financial Corp. $OCFC

Key Points

• BlackRock acquired 9.94 million OceanFirst Financial shares in the second quarter, valued at approximately $194.1 million, giving it a 17.26% stake. Institutional investors collectively own 70.98% of the company.
• OceanFirst reported quarterly earnings of $0.43 per share, matching analyst expectations, while revenue of $131.33 million fell short of the $135.62 million consensus estimate.
• The company paid a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 dividend and a 4.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $21.50.

BlackRock Inc. purchased a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 9,940,366 shares of the savings and loans company's stock, valued at approximately $194,135,000. BlackRock Inc. owned approximately 17.26% of OceanFirst Financial at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC lifted its stake in shares of OceanFirst Financial by 7.0% in the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company's stock worth $180,000 after acquiring an additional 600 shares in the last quarter. Royal Bank of Canada increased its holdings in OceanFirst Financial by 1.3% during the 1st quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company's stock worth $885,000 after purchasing an additional 608 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in OceanFirst Financial by 7.0% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company's stock worth $181,000 after purchasing an additional 673 shares during the last quarter. Quantinno Capital Management LP raised its position in shares of OceanFirst Financial by 2.4% in the 1st quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company's stock valued at $533,000 after purchasing an additional 692 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of OceanFirst Financial by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company's stock valued at $362,000 after purchasing an additional 885 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Buying and Selling

In other OceanFirst Financial news, Director John R. Buran sold 113,463 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $19.40, for a total value of $2,201,182.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.40% of the company's stock.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $18.89 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The firm's 50-day moving average price is $19.30 and its two-hundred day moving average price is $18.80. OceanFirst Financial Corp. has a 52-week low of $17.05 and a 52-week high of $20.61. The stock has a market capitalization of $1.83 billion, a P/E ratio of 22.22 and a beta of 0.99.

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

OceanFirst Financial Dividend Announcement

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

Wall Street Analyst Weigh In

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

OceanFirst Financial Company Profile

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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