Boston Partners Reduces Stock Holdings in OceanFirst Financial Corp. $OCFC

Key Points

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Boston Partners lessened its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 96.4% in the 1st quarter, according to its most recent disclosure with the SEC. The firm 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.

Several other hedge funds have also bought and sold shares of OCFC. SG Americas Securities LLC bought a new position in shares of OceanFirst Financial in the first quarter worth about $632,000. GAMMA Investing LLC boosted its stake in shares of OceanFirst Financial by 3,306.1% in the first quarter. GAMMA Investing LLC now owns 14,578 shares of the savings and loans company's stock worth $248,000 after acquiring an additional 14,150 shares during the period. Deutsche Bank AG boosted its stake in shares of OceanFirst Financial by 59.3% in the fourth quarter. Deutsche Bank AG now owns 43,277 shares of the savings and loans company's stock worth $783,000 after acquiring an additional 16,110 shares during the period. Millennium Management LLC boosted its stake in shares of OceanFirst Financial by 121.7% in the fourth quarter. Millennium Management LLC now owns 160,837 shares of the savings and loans company's stock worth $2,911,000 after acquiring an additional 88,292 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of OceanFirst Financial by 61.6% in the first quarter. Envestnet Asset Management Inc. now owns 31,441 shares of the savings and loans company's stock worth $535,000 after acquiring an additional 11,987 shares during the period. Institutional investors own 70.98% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods dropped their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.67.

OceanFirst Financial Price Performance

OceanFirst Financial stock traded up $1.05 during midday trading on Friday, reaching $18.25. 467,926 shares of the stock traded hands, compared to its average volume of 296,825. The stock's fifty day moving average is $17.60 and its 200-day moving average is $17.16. OceanFirst Financial Corp. has a 12 month low of $14.29 and a 12 month high of $21.87. The stock has a market cap of $1.05 billion, a P/E ratio of 12.94 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 (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings data 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). 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 during the quarter, compared to the consensus estimate of $101.26 million. As a group, equities research analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current year.

OceanFirst Financial Announces Dividend

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