OceanFirst Financial Corp. $OCFC Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its holdings in OceanFirst Financial Corp. by 7.3%, acquiring an additional 72,850 shares, amounting to a total value of $18.24 million.
• Analysts have updated OceanFirst Financial's price target, with Keefe, Bruyette & Woods lowering it from $21.00 to $20.00, resulting in a consensus rating of "Moderate Buy".
• OceanFirst Financial recently reported quarterly earnings of $0.31 EPS, which was below the expected $0.33 EPS, alongside a dividend of $0.20 paid to shareholders.

Wellington Management Group LLP lifted its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 7.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,072,375 shares of the savings and loans company's stock after purchasing an additional 72,850 shares during the period. Wellington Management Group LLP owned about 1.84% of OceanFirst Financial worth $18,241,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in OceanFirst Financial during the first quarter worth about $632,000. GAMMA Investing LLC raised its stake in 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 acquiring an additional 14,150 shares during the period. Deutsche Bank AG raised its stake in 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 acquiring an additional 16,110 shares during the period. Millennium Management LLC raised its stake in 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 acquiring an additional 88,292 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in OceanFirst Financial by 61.6% during the first quarter. Envestnet Asset Management Inc. now owns 31,441 shares of the savings and loans company's stock worth $535,000 after acquiring an additional 11,987 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

OceanFirst Financial Stock Performance

OCFC traded down $0.10 on Thursday, hitting $18.43. 224,572 shares of the company's stock were exchanged, compared to its average volume of 305,452. The firm has a market cap of $1.06 billion, a PE ratio of 13.07 and a beta of 1.04. OceanFirst Financial Corp. has a twelve month low of $14.29 and a twelve month high of $21.87. The stock has a fifty day moving average of $17.72 and a two-hundred day moving average of $17.17. 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 released its quarterly earnings data 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 business had revenue of $99.37 million for the quarter, compared to analyst estimates of $101.26 million. OceanFirst Financial had a return on equity of 5.22% and a net margin of 12.89%. On average, research analysts anticipate that OceanFirst Financial Corp. will post 1.6 earnings per share for the current fiscal year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were paid a $0.20 dividend. The ex-dividend date was Monday, August 4th. This represents a $0.80 annualized dividend and a dividend yield of 4.3%. OceanFirst Financial's dividend payout ratio (DPR) is presently 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.