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

Key Points

• Bank of America purchased 522,726 OceanFirst Financial shares worth approximately $10.2 million, giving it a 0.54% stake. Institutional investors collectively own 70.98% of the company.
• OceanFirst reported quarterly earnings of $0.43 per share, in line with estimates, while revenue of $131.33 million fell short of the $135.62 million consensus forecast.
• The company maintains a quarterly dividend of $0.20 per share, or $0.80 annually, representing a 4.7% yield. Analysts generally rate the stock “Hold,” with a consensus price target of $21.50 versus its recent $17.10 share price.

Bank of America Corp DE purchased a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 522,726 shares of the savings and loans company's stock, valued at approximately $10,209,000. Bank of America Corp DE owned 0.54% of OceanFirst Financial as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Byrne Asset Management LLC increased its holdings in shares of OceanFirst Financial by 7.0% in the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company's stock worth $180,000 after purchasing an additional 600 shares during the period. Royal Bank of Canada grew its holdings in shares of OceanFirst Financial by 1.3% during the first quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company's stock worth $885,000 after purchasing an additional 608 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of OceanFirst Financial by 2.4% during the first quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company's stock worth $533,000 after purchasing an additional 692 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of OceanFirst Financial by 6.8% in the first quarter. PNC Financial Services Group Inc. now owns 18,938 shares of the savings and loans company's stock worth $342,000 after purchasing an additional 1,205 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of OceanFirst Financial by 174.8% in the second quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company's stock worth $37,000 after purchasing an additional 1,220 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

OceanFirst Financial Stock Up 1.4%

Shares of NASDAQ OCFC opened at $17.10 on Friday. OceanFirst Financial Corp. has a one year low of $16.76 and a one year high of $20.61. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50 day simple moving average is $18.99 and its two-hundred day simple moving average is $18.71. The stock has a market capitalization of $1.65 billion, a P/E ratio of 20.12 and a beta of 0.97.

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 earnings per share for the quarter, hitting analysts' consensus estimates of $0.43. The firm had revenue of $131.33 million during the quarter, compared to analyst estimates of $135.62 million. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. As a group, analysts expect that OceanFirst Financial Corp. will post 1.79 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.7%. The ex-dividend date was Monday, August 10th. OceanFirst Financial's dividend payout ratio is presently 94.12%.

Insider Transactions at OceanFirst Financial

In other news, EVP Brian Schaeffer sold 5,500 shares of the business's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $18.91, for a total value of $104,005.00. Following the completion of the sale, the executive vice president owned 83,068 shares of the company's stock, valued at approximately $1,570,815.88. The trade was a 6.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John R. Buran sold 113,463 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $19.40, for a total value of $2,201,182.20. The SEC filing for this sale provides additional information. 5.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Weiss Ratings downgraded shares of OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday. Piper Sandler reissued a "neutral" rating and issued a $21.00 price target (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $21.50.

OceanFirst Financial Profile

OceanFirst Financial Corp. is the bank holding company for OceanFirst Bank, a community-focused financial institution headquartered in Toms River, New Jersey. OceanFirst Bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking platforms.

The bank's products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, consumer lending, commercial real estate financing, business loans and lines of credit.

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