Hsbc Holdings PLC Invests $1.49 Million in OceanFirst Financial Corp. $OCFC

Key Points

• HSBC Holdings acquired 76,688 shares of OceanFirst Financial in the second quarter, worth approximately $1.49 million and representing about 0.13% of the company. Institutional investors collectively own 70.98% of OCFC.
• Analysts maintain a largely cautious outlook: five rate the stock “Hold” and one rates it “Buy,” with a consensus price target of $21.50 versus the reported share price of $18.84.
• OceanFirst reported quarterly EPS of $0.43, in line with estimates, while revenue of $131.33 million fell short of forecasts. The company pays a quarterly dividend of $0.20 per share, yielding about 4.2%, although a director recently sold 113,463 shares.

Hsbc Holdings PLC acquired a new position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 76,688 shares of the savings and loans company's stock, valued at approximately $1,494,000. Hsbc Holdings PLC owned about 0.13% of OceanFirst Financial as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. bought a new position in OceanFirst Financial during the second quarter worth about $27,000. GAMMA Investing LLC raised its position in shares of OceanFirst Financial by 174.8% in the second quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company's stock valued at $37,000 after purchasing an additional 1,220 shares during the period. Quantbot Technologies LP bought a new stake in shares of OceanFirst Financial in the second quarter valued at approximately $85,000. Global Retirement Partners LLC purchased a new stake in shares of OceanFirst Financial during the 2nd quarter valued at approximately $103,000. Finally, Tower Research Capital LLC TRC boosted its holdings in OceanFirst Financial by 458.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company's stock worth $150,000 after buying an additional 6,998 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OCFC. Piper Sandler reiterated a "neutral" rating and issued a $21.00 price objective (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 research report on Monday, June 29th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $21.50.

OceanFirst Financial Trading Down 0.2%

Shares of OCFC opened at $18.84 on Tuesday. OceanFirst Financial Corp. has a 1-year low of $17.05 and a 1-year high of $20.61. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $1.82 billion, a P/E ratio of 22.16 and a beta of 0.99. The firm's 50 day simple moving average is $19.34 and its 200 day simple moving average is $18.79.

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

OceanFirst Financial Announces Dividend

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

Insider Buying and Selling

In other OceanFirst Financial news, Director John R. Buran sold 113,463 shares of OceanFirst Financial stock in a transaction that occurred 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 filing with the SEC, which can be accessed through the SEC website. 5.40% of the stock is 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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