Boston Partners Sells 706,772 Shares of OceanFirst Financial Corp. $OCFC

Key Points

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Boston Partners trimmed its position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 96.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 26,418 shares of the savings and loans company's stock after selling 706,772 shares during the period. Boston Partners' holdings in OceanFirst Financial were worth $449,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in OceanFirst Financial in the 1st quarter worth about $632,000. GAMMA Investing LLC grew its position in OceanFirst Financial by 3,306.1% in the 1st quarter. GAMMA Investing LLC now owns 14,578 shares of the savings and loans company's stock worth $248,000 after purchasing an additional 14,150 shares in the last quarter. Deutsche Bank AG grew its position in OceanFirst Financial by 59.3% in the 4th quarter. Deutsche Bank AG now owns 43,277 shares of the savings and loans company's stock worth $783,000 after purchasing an additional 16,110 shares in the last quarter. Millennium Management LLC grew its position in OceanFirst Financial by 121.7% in the 4th quarter. Millennium Management LLC now owns 160,837 shares of the savings and loans company's stock worth $2,911,000 after purchasing an additional 88,292 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in OceanFirst Financial by 61.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 31,441 shares of the savings and loans company's stock worth $535,000 after purchasing an additional 11,987 shares in the last quarter. 70.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, 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 report on Monday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, OceanFirst Financial has an average rating of "Moderate Buy" and an average target price of $20.67.

OceanFirst Financial Stock Performance

Shares of OceanFirst Financial stock traded up $1.05 on Friday, reaching $18.25. 467,926 shares of the company traded hands, compared to its average volume of 303,883. OceanFirst Financial Corp. has a 52 week low of $14.29 and a 52 week high of $21.87. The company has a 50 day moving average of $17.60 and a 200 day moving average of $17.15. The firm has a market capitalization of $1.05 billion, a PE ratio of 12.94 and a beta of 1.04. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.01 and a quick ratio of 1.00.

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

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 4th. OceanFirst Financial's dividend payout ratio is currently 56.74%.

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.