Glenmede Trust Co. NA Decreases Position in OceanFirst Financial Corp. $OCFC

Key Points

• Glenmede Trust Co. NA reduced its OceanFirst Financial stake by 8.5% in the first quarter, selling 53,092 shares and retaining 567,911 shares valued at approximately $10.2 million. Institutional investors collectively own 70.98% of the company.
• OceanFirst reported quarterly EPS of $0.43, slightly above analyst expectations and up from $0.31 a year earlier, though revenue of $131.33 million fell short of estimates. Analysts maintain a consensus “Hold” rating with a $21.00 target price.
• The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and an approximately 4.1% yield. Its high dividend payout ratio is currently 94.12%.

Glenmede Trust Co. NA lessened its stake in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 567,911 shares of the savings and loans company's stock after selling 53,092 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.99% of OceanFirst Financial worth $10,245,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of OCFC. Dimensional Fund Advisors LP increased its position 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 worth $61,499,000 after buying an additional 179,364 shares during the last quarter. Systematic Financial Management LP lifted its position in shares of OceanFirst Financial by 15.1% during the 1st 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 buying an additional 181,557 shares during the last quarter. Greenwood Capital Associates LLC bought a new position in shares of OceanFirst Financial during the 4th quarter worth $484,000. Fifth Third Bancorp bought a new position in shares of OceanFirst Financial during the 1st quarter worth $500,000. Finally, UBS Group AG grew its stake in shares of OceanFirst Financial by 66.7% during the 4th quarter. UBS Group AG now owns 165,402 shares of the savings and loans company's stock worth $2,969,000 after acquiring an additional 66,185 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

Key OceanFirst Financial News

Here are the key news stories impacting OceanFirst Financial this week:

• Positive Sentiment: OceanFirst reported second-quarter earnings of $0.43 per share, exceeding the $0.42 analyst consensus and rising from $0.31 a year earlier. The earnings beat may support the stock by indicating improved per-share profitability. OceanFirst Financial Q2 Earnings and Revenues Top Estimates
• Positive Sentiment: The board declared a quarterly dividend of $0.20 per share, payable August 21 to shareholders of record August 10. The annualized payout implies a yield of approximately 4.1%, which may appeal to income-focused investors and reinforce the company’s shareholder-return strategy. OceanFirst Financial Dividend Strengthens Focus
• Positive Sentiment: Investor commentary points to the company’s completed merger and dividend yield as key parts of the investment case, potentially improving the outlook for scale and shareholder returns. OceanFirst Financial Merger Complete, Great Dividend Yield

Analyst Ratings Changes

A number of brokerages recently issued reports on OCFC. DA Davidson boosted their price objective on OceanFirst Financial from $19.00 to $20.00 and gave the company a "neutral" rating in a research note on Tuesday, April 28th. Piper Sandler set a $19.00 target price on shares of OceanFirst Financial and gave the stock a "neutral" rating in a research report on Friday, June 12th. Finally, Weiss Ratings upgraded shares of OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, June 29th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $21.00.

OceanFirst Financial Stock Performance

NASDAQ:OCFC opened at $19.31 on Monday. The company has a market cap of $1.11 billion, a P/E ratio of 22.72 and a beta of 0.99. The stock's fifty day moving average price is $18.92 and its two-hundred day moving average price is $18.72. OceanFirst Financial Corp. has a 1 year low of $16.09 and a 1 year high of $20.61. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.00 and a quick ratio of 1.00.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.43 EPS 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 return on equity of 5.94% and a net margin of 6.38%. As a group, analysts expect that OceanFirst Financial Corp. will post 1.85 EPS for the current year.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be paid a $0.20 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.80 annualized dividend and a yield of 4.1%. OceanFirst Financial's dividend payout ratio (DPR) is currently 94.12%.

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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