Wellington Management Group LLP Trims Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)

Wellington Management Group LLP lowered its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) by 7.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 999,525 shares of the savings and loans company's stock after selling 83,330 shares during the quarter. Wellington Management Group LLP owned 1.71% of OceanFirst Financial worth $18,091,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OCFC. Dimensional Fund Advisors LP boosted its position in OceanFirst Financial by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,228,902 shares of the savings and loans company's stock worth $58,442,000 after purchasing an additional 53,476 shares in the last quarter. Invesco Ltd. grew its stake in OceanFirst Financial by 4.2% in the 4th quarter. Invesco Ltd. now owns 1,675,259 shares of the savings and loans company's stock valued at $30,322,000 after acquiring an additional 67,010 shares during the period. American Century Companies Inc. increased its holdings in OceanFirst Financial by 11.2% in the 4th quarter. American Century Companies Inc. now owns 1,208,800 shares of the savings and loans company's stock worth $21,879,000 after acquiring an additional 121,923 shares in the last quarter. Systematic Financial Management LP lifted its holdings in OceanFirst Financial by 5.2% during the fourth quarter. Systematic Financial Management LP now owns 964,646 shares of the savings and loans company's stock valued at $17,460,000 after purchasing an additional 47,561 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of OceanFirst Financial by 4.1% in the fourth quarter. Royce & Associates LP now owns 763,840 shares of the savings and loans company's stock valued at $13,826,000 after purchasing an additional 30,399 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Stock Up 2.2%

Shares of NASDAQ OCFC traded up $0.37 during midday trading on Tuesday, hitting $17.07. 277,751 shares of the company's stock were exchanged, compared to its average volume of 298,408. The firm's fifty day simple moving average is $16.44 and its 200-day simple moving average is $17.74. The company has a market cap of $996.61 million, a PE ratio of 10.35 and a beta of 0.99. OceanFirst Financial Corp. has a twelve month low of $14.03 and a twelve month high of $21.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 1.00.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.35 earnings per share for the quarter, hitting analysts' consensus estimates of $0.35. OceanFirst Financial had a net margin of 14.45% and a return on equity of 5.75%. The company had revenue of $97.91 million for the quarter, compared to analysts' expectations of $95.66 million. Research analysts predict that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Monday, May 5th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $0.80 dividend on an annualized basis and a yield of 4.69%. OceanFirst Financial's dividend payout ratio is presently 52.29%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OCFC shares. Keefe, Bruyette & Woods decreased their target price on OceanFirst Financial from $21.00 to $20.00 and set a "market perform" rating on the stock in a research report on Monday, April 28th. Raymond James decreased their price target on shares of OceanFirst Financial from $24.00 to $21.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.67.

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.