Charles Schwab Investment Management Inc. Has $10.75 Million Stock Position in 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. trimmed its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 13.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 1.08% of OceanFirst Financial worth $10,753,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of OceanFirst Financial in the fourth quarter valued at approximately $57,000. Cary Street Partners Financial LLC bought a new position in shares of OceanFirst Financial in the fourth quarter valued at approximately $183,000. PharVision Advisers LLC bought a new position in shares of OceanFirst Financial in the fourth quarter valued at approximately $192,000. Captrust Financial Advisors raised its stake in shares of OceanFirst Financial by 8.1% in the fourth 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 last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of OceanFirst Financial in the fourth quarter valued at approximately $213,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods cut their target price on shares of 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 research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.67.

OceanFirst Financial Stock Performance

OCFC stock opened at $18.25 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.01 and a quick ratio of 1.00. The company has a 50 day moving average price of $17.60 and a 200 day moving average price of $17.15. OceanFirst Financial Corp. has a fifty-two week low of $14.29 and a fifty-two week high of $21.87. The stock has a market capitalization of $1.05 billion, a PE ratio of 12.94 and a beta of 1.04.

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

OceanFirst Financial Announces Dividend

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

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