OceanFirst Financial Corp. $OCFC Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. has increased its stake in OceanFirst Financial Corp. by 3.4%, owning 1,731,785 shares valued at approximately $29.5 million.
• Wall Street analysts have revised OceanFirst Financial's price target from $21.00 to $20.00, with an overall average rating of "Moderate Buy".
• OceanFirst Financial recently declared a quarterly dividend of $0.20 per share, yielding about 4.7%, with a payout ratio of 56.74%.

Invesco Ltd. increased its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,731,785 shares of the savings and loans company's stock after acquiring an additional 56,526 shares during the period. Invesco Ltd. owned about 2.97% of OceanFirst Financial worth $29,458,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sterling Capital Management LLC grew its holdings in OceanFirst Financial by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,843 shares of the savings and loans company's stock worth $33,000 after acquiring an additional 1,640 shares during the period. Quarry LP acquired a new stake in OceanFirst Financial during the fourth quarter worth about $57,000. Cary Street Partners Financial LLC acquired a new stake in OceanFirst Financial during the fourth quarter worth about $183,000. PharVision Advisers LLC acquired a new stake in OceanFirst Financial during the fourth quarter worth about $192,000. Finally, Captrust Financial Advisors grew its holdings in OceanFirst Financial by 8.1% during the fourth quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company's stock worth $212,000 after acquiring an additional 882 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

OceanFirst Financial Price Performance

OCFC traded up $1.05 during trading on Friday, hitting $18.25. The company's stock had a trading volume of 467,926 shares, compared to its average volume of 296,825. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.70. OceanFirst Financial Corp. has a twelve month low of $14.29 and a twelve month high of $21.87. The business's fifty day simple moving average is $17.60 and its 200 day simple moving average is $17.16. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 12.94 and a beta of 1.04.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.22%. The business had revenue of $99.37 million during the quarter, compared to analyst estimates of $101.26 million. On average, equities research analysts forecast that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. OceanFirst Financial's payout ratio is currently 56.74%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods dropped their target price on OceanFirst Financial from $21.00 to $20.00 and set a "market perform" rating on the stock in a report on Monday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.67.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.