Connor Clark & Lunn Investment Management Ltd. lowered its position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 42.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,838 shares of the savings and loans company's stock after selling 35,179 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of OceanFirst Financial worth $814,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of OceanFirst Financial by 3.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 19,454 shares of the savings and loans company's stock worth $352,000 after acquiring an additional 716 shares during the period. Captrust Financial Advisors increased its stake in shares of OceanFirst Financial by 8.1% during the fourth quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company's stock worth $212,000 after purchasing an additional 882 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of OceanFirst Financial by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,732 shares of the savings and loans company's stock worth $592,000 after purchasing an additional 1,141 shares in the last quarter. Sterling Capital Management LLC increased its stake in shares of OceanFirst Financial by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,843 shares of the savings and loans company's stock worth $33,000 after purchasing an additional 1,640 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC increased its stake in shares of OceanFirst Financial by 2.7% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 66,915 shares of the savings and loans company's stock worth $1,138,000 after purchasing an additional 1,774 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.
OceanFirst Financial Price Performance
OCFC traded up $0.9670 during trading on Friday, reaching $18.1670. The company's stock had a trading volume of 75,046 shares, compared to its average volume of 301,262. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.70. The firm has a fifty day simple moving average of $17.57 and a two-hundred day simple moving average of $17.16. OceanFirst Financial Corp. has a 1 year low of $14.29 and a 1 year high of $21.87. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 12.83 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 earnings per share 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 during the quarter, compared to analysts' expectations of $101.26 million. As a group, analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current year.
OceanFirst Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Monday, August 4th. OceanFirst Financial's dividend payout ratio (DPR) is 56.74%.
Analysts Set New Price Targets
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 equities research 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 company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $20.67.
Get Our Latest Stock Report on OceanFirst Financial
About OceanFirst Financial
(
Free Report)
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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