Curi RMB Capital LLC Purchases 50,000 Shares of OceanFirst Financial Corp. $OCFC

Key Points

• Curi RMB Capital LLC has increased its stake in OceanFirst Financial Corp. by 100% during the first quarter, acquiring an additional 50,000 shares, bringing its total ownership to 100,000 shares valued at approximately $1.7 million.
• OceanFirst Financial recently reported earnings of $0.31 per share, missing the consensus estimate of $0.33, and disclosed quarterly revenue of $99.37 million, which fell short of expectations.
• The company announced a quarterly dividend of $0.20 per share, yielding 4.4%, with a dividend payout ratio currently at 56.74%.

Curi RMB Capital LLC grew its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 100.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,000 shares of the savings and loans company's stock after purchasing an additional 50,000 shares during the period. Curi RMB Capital LLC owned approximately 0.17% of OceanFirst Financial worth $1,701,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Hsbc Holdings PLC grew its position in OceanFirst Financial by 2.9% during the first quarter. Hsbc Holdings PLC now owns 26,272 shares of the savings and loans company's stock valued at $448,000 after purchasing an additional 734 shares in the last quarter. Captrust Financial Advisors boosted its stake 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 buying an additional 882 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OceanFirst Financial by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,732 shares of the savings and loans company's stock valued at $592,000 after acquiring an additional 1,141 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in shares of OceanFirst Financial by 2.7% during the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 66,915 shares of the savings and loans company's stock valued at $1,138,000 after acquiring an additional 1,774 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in shares of OceanFirst Financial by 1.4% in the first quarter. Federated Hermes Inc. now owns 153,801 shares of the savings and loans company's stock worth $2,616,000 after acquiring an additional 2,138 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

OceanFirst Financial Stock Up 1.6%

Shares of OCFC stock traded up $0.28 on Thursday, hitting $18.28. The company's stock had a trading volume of 215,969 shares, compared to its average volume of 263,928. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 12.96 and a beta of 1.07. OceanFirst Financial Corp. has a fifty-two week low of $14.29 and a fifty-two week high of $21.87. The firm's fifty day moving average price is $17.83 and its 200-day moving average price is $17.18. 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 posted its earnings results on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share 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 for the quarter, compared to the consensus estimate of $101.26 million. Research analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current year.

OceanFirst Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.4%. The ex-dividend date was Monday, August 4th. OceanFirst Financial's dividend payout ratio (DPR) is 56.74%.

Analysts Set New Price Targets

Separately, Zacks Research cut OceanFirst Financial from a "hold" rating to a "strong sell" rating in a research report on Monday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $20.67.

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.