OceanFirst Financial Corp. $OCFC Shares Acquired by Bank of America Corp DE

Bank of America Corp DE boosted its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 16.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 493,623 shares of the savings and loans company's stock after buying an additional 68,347 shares during the quarter. Bank of America Corp DE owned 0.86% of OceanFirst Financial worth $8,905,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its stake in shares of OceanFirst Financial by 458.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company's stock worth $150,000 after purchasing an additional 6,998 shares during the last quarter. ProShare Advisors LLC acquired a new stake in OceanFirst Financial during the fourth quarter valued at approximately $184,000. CANADA LIFE ASSURANCE Co lifted its stake in OceanFirst Financial by 7.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company's stock valued at $181,000 after purchasing an additional 673 shares during the last quarter. Corient Private Wealth LLC bought a new stake in OceanFirst Financial during the fourth quarter worth approximately $186,000. Finally, Millennium Management LLC bought a new stake in OceanFirst Financial during the fourth quarter worth approximately $192,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OCFC has been the topic of several research reports. DA Davidson upped their price target on OceanFirst Financial from $19.00 to $20.00 and gave the company a "neutral" rating in a report on Tuesday, April 28th. Weiss Ratings raised OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, June 29th. Finally, Piper Sandler restated a "neutral" rating and issued a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a report on Wednesday, August 5th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $21.50.

Insider Activity at OceanFirst Financial

In related news, Director John R. Buran sold 113,463 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $19.40, for a total transaction of $2,201,182.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.40% of the company's stock.

OceanFirst Financial Stock Down 0.6%

NASDAQ:OCFC opened at $18.94 on Tuesday. The business's fifty day moving average price is $19.26 and its 200 day moving average price is $18.82. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 22.28 and a beta of 0.99. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial Corp. has a 1-year low of $17.05 and a 1-year high of $20.61.

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

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Monday, August 10th. OceanFirst Financial's dividend payout ratio (DPR) is currently 94.12%.

OceanFirst Financial Profile

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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