Deutsche Bank AG Makes New Investment in OceanFirst Financial Corp. $OCFC

Key Points

• Deutsche Bank acquired 85,833 shares of OceanFirst Financial in the second quarter, worth approximately $1.68 million and representing about 0.15% of the company. Institutional investors collectively own 70.98% of OCFC.
• Analyst sentiment remains cautious, with one Buy rating and five Holds; the consensus rating is Hold with an average price target of $21.50. Shares recently opened at $18.88.
• OceanFirst reported quarterly EPS of $0.43, matching expectations, while revenue of $131.33 million fell short of estimates. The company pays a $0.20 quarterly dividend, equal to a 4.2% annualized yield, though its payout ratio is high at 94.12%.

Deutsche Bank AG purchased a new position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 85,833 shares of the savings and loans company's stock, valued at approximately $1,676,000. Deutsche Bank AG owned approximately 0.15% of OceanFirst Financial at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of OCFC. Bank of America Corp DE increased its stake in shares of OceanFirst Financial by 16.1% in the first quarter. Bank of America Corp DE now owns 493,623 shares of the savings and loans company's stock worth $8,905,000 after acquiring an additional 68,347 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in OceanFirst Financial by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company's stock valued at $61,499,000 after purchasing an additional 179,364 shares in the last quarter. Systematic Financial Management LP grew its stake in OceanFirst Financial by 15.1% in the first quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company's stock valued at $24,960,000 after purchasing an additional 181,557 shares in the last quarter. Renaissance Technologies LLC increased its position in OceanFirst Financial by 114.9% in the 1st quarter. Renaissance Technologies LLC now owns 307,356 shares of the savings and loans company's stock worth $5,545,000 after purchasing an additional 164,313 shares during the last quarter. Finally, First Trust Advisors LP increased its position in OceanFirst Financial by 46.0% in the 1st quarter. First Trust Advisors LP now owns 275,825 shares of the savings and loans company's stock worth $4,976,000 after purchasing an additional 86,951 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Analyst Ratings Changes

OCFC has been the subject of several recent research reports. Weiss Ratings raised OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, June 29th. Piper Sandler reaffirmed a "neutral" rating and set a $21.00 price objective (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $21.50.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC opened at $18.88 on Friday. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 22.21 and a beta of 0.99. The business has a 50 day moving average price of $19.32 and a 200 day moving average price of $18.80. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial Corp. has a twelve month low of $17.05 and a twelve month high of $20.61.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%.The company had revenue of $131.33 million for the quarter, compared to the consensus estimate of $135.62 million. Research analysts predict that OceanFirst Financial Corp. will post 1.81 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.2%. OceanFirst Financial's payout ratio is 94.12%.

Insider Buying and Selling

In related news, Director John R. Buran sold 113,463 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $19.40, for a total transaction of $2,201,182.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.40% of the stock is currently owned by insiders.

About OceanFirst Financial

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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