Mendon Capital Advisors Corp Purchases 50,000 Shares of 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 increased its stake in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 100.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 100,000 shares of the savings and loans company's stock after purchasing an additional 50,000 shares during the period. Mendon Capital Advisors Corp owned approximately 0.17% of OceanFirst Financial worth $1,701,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Quarry LP increased its holdings in shares of OceanFirst Financial by 132.3% during the first quarter. Quarry LP now owns 7,325 shares of the savings and loans company's stock worth $125,000 after purchasing an additional 4,172 shares during the period. Aigen Investment Management LP acquired a new position in shares of OceanFirst Financial during the first quarter worth $175,000. PharVision Advisers LLC acquired a new position in shares of OceanFirst Financial during the fourth quarter worth $192,000. Captrust Financial Advisors lifted its holdings in shares of 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 purchasing an additional 882 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of OceanFirst Financial by 25.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,132 shares of the savings and loans company's stock worth $223,000 after purchasing an additional 2,696 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Trading Down 1.5%

OCFC opened at $17.99 on Wednesday. OceanFirst Financial Corp. has a 1-year low of $14.29 and a 1-year high of $21.87. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.70. The company has a market cap of $1.03 billion, a P/E ratio of 12.76 and a beta of 1.07. The company has a fifty day moving average price of $17.85 and a two-hundred day moving average price of $17.17.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $99.37 million during the quarter, compared to the consensus estimate of $101.26 million. OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.22%. Analysts predict that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were given 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 dividend yield of 4.4%. OceanFirst Financial's payout ratio is presently 56.74%.

Analyst Upgrades and Downgrades

Separately, Zacks Research lowered shares of OceanFirst Financial from a "hold" rating to a "strong sell" rating in a report on Monday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $20.67.

OceanFirst Financial 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.

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