Charles Schwab Investment Management Inc. Sells 101,799 Shares of OceanFirst Financial Corp. $OCFC

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in OceanFirst Financial by 13.9%, holding 632,186 shares worth approximately $10.75 million as of the latest SEC filing.
• Wall Street analysts have lowered the target price for OceanFirst Financial from $21.00 to $20.00, maintaining a "market perform" rating with an average rating of "Moderate Buy" among analysts.
• OceanFirst Financial recently declared a quarterly dividend of $0.20 per share, representing an annualized dividend of $0.80 and a yield of 4.4%.

Charles Schwab Investment Management Inc. reduced its position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 13.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 632,186 shares of the savings and loans company's stock after selling 101,799 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.08% of OceanFirst Financial worth $10,753,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Quarry LP bought a new stake in shares of OceanFirst Financial in the 4th quarter valued at $57,000. Cary Street Partners Financial LLC acquired a new position in shares of OceanFirst Financial during the 4th quarter valued at $183,000. PharVision Advisers LLC acquired a new position in shares of OceanFirst Financial during the 4th quarter valued at $192,000. Captrust Financial Advisors lifted its position in shares of OceanFirst Financial by 8.1% during the 4th quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company's stock valued at $212,000 after acquiring an additional 882 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in shares of OceanFirst Financial during the 4th quarter valued at $213,000. 70.98% of the stock is owned by institutional investors.

OceanFirst Financial Stock Down 0.2%

OCFC stock traded down $0.04 during mid-day trading on Friday, reaching $18.39. 205,782 shares of the company traded hands, compared to its average volume of 301,276. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 13.04 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 fifty-two week low of $14.29 and a fifty-two week high of $21.87. The firm's 50 day moving average price is $17.75 and its 200 day moving average price is $17.17.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 net margin of 12.89% and a return on equity of 5.22%. As a group, equities research analysts predict that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

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