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

Key Points

• HSBC Holdings purchased 76,688 OceanFirst Financial shares worth approximately $1.49 million during the second quarter, giving it a 0.08% stake. Institutional investors collectively own 70.98% of OCFC.
• OceanFirst’s insiders recently sold shares, including a director’s $2.2 million disposal and an executive vice president’s $104,000 sale. Insiders retain a 5.40% ownership stake.
• Analysts maintain a consensus “Hold” rating with a $21.50 price target. The company met quarterly EPS expectations at $0.43, paid a $0.20 quarterly dividend yielding about 4.3%, and reported revenue below consensus estimates.

Hsbc Holdings PLC purchased a new position in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 76,688 shares of the savings and loans company's stock, valued at approximately $1,494,000. Hsbc Holdings PLC owned 0.08% of OceanFirst Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in OceanFirst Financial during the second quarter worth about $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of OceanFirst Financial in the 2nd quarter valued at about $27,000. GAMMA Investing LLC raised its holdings in shares of OceanFirst Financial by 174.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company's stock valued at $37,000 after acquiring an additional 1,220 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of OceanFirst Financial during the 2nd quarter valued at about $85,000. Finally, Global Retirement Partners LLC bought a new stake in shares of OceanFirst Financial during the 2nd quarter valued at about $103,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Activity

In other news, Director John R. Buran sold 113,463 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Schaeffer sold 5,500 shares of the firm's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $18.91, for a total transaction of $104,005.00. Following the completion of the transaction, the executive vice president directly owned 83,068 shares of the company's stock, valued at approximately $1,570,815.88. This trade represents a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OCFC. Piper Sandler restated a "neutral" rating and issued a $21.00 price objective (up from $19.00) on shares of OceanFirst Financial in a research report on Wednesday, August 5th. 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 equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $21.50.

OceanFirst Financial Price Performance

OCFC stock opened at $18.78 on Friday. The firm's fifty day moving average is $19.30 and its 200 day moving average is $18.77. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92. OceanFirst Financial Corp. has a 52 week low of $17.05 and a 52 week high of $20.61. The firm has a market cap of $1.81 billion, a P/E ratio of 22.09 and a beta of 0.97.

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

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.80 annualized dividend and a yield of 4.3%. OceanFirst Financial's dividend payout ratio is 94.12%.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. is the bank holding company for OceanFirst Bank, a community-focused financial institution headquartered in Toms River, New Jersey. OceanFirst Bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking platforms.

The bank's products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, consumer lending, commercial real estate financing, business loans and lines of credit.

Want to see what other hedge funds are holding OCFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.