Mendon Capital Advisors Corp Has $1.70 Million Holdings in OceanFirst Financial Corp. $OCFC

Key Points

• Mendon Capital Advisors Corp has increased its stake in OceanFirst Financial Corp. by 100%, owning a total of 100,000 shares valued at approximately $1.7 million.
• OceanFirst Financial recently reported earnings of $0.31 per share for the last quarter, missing analyst estimates, with revenues of $99.37 million.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 4.4%.

Mendon Capital Advisors Corp boosted its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 100.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 100,000 shares of the savings and loans company's stock after acquiring an additional 50,000 shares during the period. Mendon Capital Advisors Corp owned approximately 0.17% of OceanFirst Financial worth $1,701,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OCFC. SG Americas Securities LLC acquired a new stake in OceanFirst Financial during the first quarter worth $632,000. GAMMA Investing LLC lifted its holdings in shares of OceanFirst Financial by 3,306.1% during the 1st quarter. GAMMA Investing LLC now owns 14,578 shares of the savings and loans company's stock worth $248,000 after acquiring an additional 14,150 shares during the period. Deutsche Bank AG boosted its position in shares of OceanFirst Financial by 59.3% during the 4th quarter. Deutsche Bank AG now owns 43,277 shares of the savings and loans company's stock valued at $783,000 after acquiring an additional 16,110 shares in the last quarter. Millennium Management LLC boosted its position in shares of OceanFirst Financial by 121.7% during the 4th quarter. Millennium Management LLC now owns 160,837 shares of the savings and loans company's stock valued at $2,911,000 after acquiring an additional 88,292 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in OceanFirst Financial by 1.8% in the first quarter. Vanguard Group Inc. now owns 3,516,177 shares of the savings and loans company's stock valued at $59,810,000 after acquiring an additional 61,515 shares during the period. Institutional investors own 70.98% of the company's stock.

Analyst Ratings Changes

Separately, Zacks Research cut shares of OceanFirst Financial from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $20.67.

OceanFirst Financial Price Performance

NASDAQ OCFC traded down $0.20 during trading hours on Monday, reaching $17.92. 44,919 shares of the company's stock were exchanged, compared to its average volume of 298,962. The firm has a fifty day moving average of $17.82 and a 200-day moving average of $17.18. OceanFirst Financial Corp. has a one year low of $14.29 and a one year high of $21.87. The stock has a market cap of $1.03 billion, a PE ratio of 12.70 and a beta of 1.07. 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 (NASDAQ:OCFC - Get Free Report) last announced its earnings results on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02). OceanFirst Financial had a return on equity of 5.22% and a net margin of 12.89%.The company had revenue of $99.37 million during the quarter, compared to the consensus estimate of $101.26 million. On average, equities research analysts predict that OceanFirst Financial Corp. will post 1.6 earnings per share for the current fiscal year.

OceanFirst Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $0.80 annualized dividend and a yield of 4.5%. OceanFirst Financial's dividend payout ratio is currently 56.74%.

About OceanFirst Financial

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.