Wellington Management Group LLP Buys 72,850 Shares of OceanFirst Financial Corp. $OCFC

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 raised its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 7.3% in the first quarter, according to its most recent 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 approximately 1.84% of OceanFirst Financial worth $18,241,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in OCFC. Quarry LP acquired a new position in OceanFirst Financial during the 4th quarter valued at about $57,000. Aigen Investment Management LP bought a new position in shares of OceanFirst Financial during the 1st quarter worth approximately $175,000. Cary Street Partners Financial LLC bought a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $183,000. PharVision Advisers LLC bought a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $192,000. Finally, Captrust Financial Advisors lifted its position in shares of OceanFirst Financial by 8.1% during the 4th quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company's stock worth $212,000 after buying an additional 882 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

OceanFirst Financial Stock Performance

Shares of OceanFirst Financial stock traded down $0.04 during mid-day trading on Friday, hitting $18.39. 205,782 shares of the stock were exchanged, compared to its average volume of 290,218. OceanFirst Financial Corp. has a 12 month low of $14.29 and a 12 month high of $21.87. The company has a 50-day simple moving average of $17.75 and a 200 day simple moving average of $17.15. 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 capitalization of $1.06 billion, a P/E ratio of 13.04 and a beta of 1.07.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last posted 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 return on equity of 5.22% and a net margin of 12.89%.The firm had revenue of $99.37 million for the quarter, compared to the consensus estimate of $101.26 million. Sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.6 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 15th. Investors of record on Monday, August 4th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 4th. OceanFirst Financial's payout ratio is 56.74%.

About OceanFirst Financial

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.