Empowered Funds LLC bought a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 367,932 shares of the savings and loans company's stock, valued at approximately $7,186,000. Empowered Funds LLC owned approximately 0.38% of OceanFirst Financial at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Byrne Asset Management LLC lifted its position in shares of OceanFirst Financial by 7.0% in the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company's stock worth $180,000 after purchasing an additional 600 shares in the last quarter. Royal Bank of Canada grew its position in OceanFirst Financial by 1.3% during the first quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company's stock valued at $885,000 after purchasing an additional 608 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in OceanFirst Financial by 7.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company's stock valued at $181,000 after buying an additional 673 shares during the period. Quantinno Capital Management LP increased its stake in OceanFirst Financial by 2.4% in the 1st quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company's stock valued at $533,000 after buying an additional 692 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in OceanFirst Financial by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company's stock worth $362,000 after buying an additional 885 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the stock. Piper Sandler reissued a "neutral" rating and set a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. Weiss Ratings upgraded OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, OceanFirst Financial presently has an average rating of "Hold" and a consensus price target of $21.50.
Check Out Our Latest Stock Report on OCFC
OceanFirst Financial Stock Performance
NASDAQ:OCFC opened at $18.88 on Monday. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 22.21 and a beta of 0.99. OceanFirst Financial Corp. has a 12 month low of $17.05 and a 12 month high of $20.61. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The company's 50 day moving average is $19.32 and its 200-day moving average is $18.80.
OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share for the quarter, hitting analysts' consensus estimates of $0.43. The firm had revenue of $131.33 million during the quarter, compared to analyst estimates of $135.62 million. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. Equities analysts anticipate that OceanFirst Financial Corp. will post 1.81 EPS for the current year.
OceanFirst Financial Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were paid a dividend of $0.20 per share. The ex-dividend date was Monday, August 10th. This represents a $0.80 annualized dividend and a yield of 4.2%. OceanFirst Financial's dividend payout ratio is presently 94.12%.
Insider Transactions at OceanFirst Financial
In other OceanFirst Financial news, Director John R. Buran sold 113,463 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $19.40, for a total value of $2,201,182.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.40% of the stock is owned by company insiders.
About OceanFirst Financial
(
Free Report)
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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