Northern Trust Corp Has $9.13 Million Holdings in OceanFirst Financial Corp. $OCFC

Key Points

• Northern Trust Corp reduced its holdings in OceanFirst Financial by 3.0%, owning 536,733 shares valued at approximately $9.13 million at the end of the first quarter.
• OceanFirst Financial's stock was downgraded by Zacks Research from a "hold" to a "strong sell" rating, while it holds an average rating of "Hold" among analysts.
• The company recently declared a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 4.4% with a payout ratio of 56.74%.

Northern Trust Corp cut its stake in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 536,733 shares of the savings and loans company's stock after selling 16,630 shares during the period. Northern Trust Corp owned 0.92% of OceanFirst Financial worth $9,130,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of OceanFirst Financial in the first quarter worth about $632,000. GAMMA Investing LLC raised its stake in shares of OceanFirst Financial by 3,306.1% during the first quarter. GAMMA Investing LLC now owns 14,578 shares of the savings and loans company's stock worth $248,000 after buying an additional 14,150 shares during the last quarter. Deutsche Bank AG raised its stake in shares of OceanFirst Financial by 59.3% during the fourth quarter. Deutsche Bank AG now owns 43,277 shares of the savings and loans company's stock worth $783,000 after buying an additional 16,110 shares during the last quarter. Millennium Management LLC raised its stake in shares of OceanFirst Financial by 121.7% during the fourth quarter. Millennium Management LLC now owns 160,837 shares of the savings and loans company's stock worth $2,911,000 after buying an additional 88,292 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of OceanFirst Financial by 1.8% during the first quarter. Vanguard Group Inc. now owns 3,516,177 shares of the savings and loans company's stock worth $59,810,000 after buying an additional 61,515 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Zacks Research downgraded shares of OceanFirst Financial from a "hold" rating to a "strong sell" rating in a research note 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 issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $20.67.

OceanFirst Financial Trading Down 0.4%

NASDAQ:OCFC traded down $0.07 during trading hours on Monday, hitting $18.27. The stock had a trading volume of 272,503 shares, compared to its average volume of 285,681. OceanFirst Financial Corp. has a one year low of $14.29 and a one year high of $21.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.01. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 12.96 and a beta of 1.07. The business's 50 day moving average is $17.86 and its 200-day moving average is $17.16.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last issued its earnings results 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 firm had revenue of $99.37 million during the quarter, compared to the consensus estimate of $101.26 million. Sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

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

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.