OceanFirst Financial (NASDAQ:OCFC) Reaches New 12-Month Low - Here's What Happened

Key Points

• OceanFirst Financial shares hit a new 52-week low, falling to $15.65 during Monday trading and closing near $15.67, below both the 50-day and 200-day moving averages.
• Analysts remain cautious, with all five covering analysts rating the stock “Hold.” Piper Sandler cut its price target to $18, while the consensus target remains $20.33.
• The company reported quarterly EPS in line with estimates at $0.43, though revenue missed forecasts. OceanFirst also maintains a quarterly dividend of $0.20 per share, equivalent to a 5.1% annual yield, while recent insider selling adds another area for investors to monitor.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) reached a new 52-week low during mid-day trading on Monday. The stock traded as low as $15.65 and last traded at $15.6650, with a volume of 238,820 shares trading hands. The stock had previously closed at $15.83.

Wall Street Analysts Forecast Growth

OCFC has been the topic of a number of recent research reports. Weiss Ratings lowered shares of OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 25th. Piper Sandler decreased their price objective on OceanFirst Financial from $21.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, October 6th. Five research analysts have rated the stock with a Hold rating. According to MarketBeat.com, OceanFirst Financial has an average rating of "Hold" and a consensus price target of $20.33.

OceanFirst Financial Stock Down 1.3%

The company has a market capitalization of $1.51 billion, a P/E ratio of 18.37 and a beta of 1.02. The stock has a 50-day moving average price of $18.01 and a 200-day moving average price of $18.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.92.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate 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%. On average, research analysts predict that OceanFirst Financial Corp. will post 1.76 EPS for the current fiscal year.

OceanFirst Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend was Monday, August 10th. OceanFirst Financial's dividend payout ratio (DPR) is currently 94.12%.

Insiders Place Their Bets

In other OceanFirst Financial news, EVP Brian Schaeffer sold 5,500 shares of the company's stock in a transaction on Monday, August 31st. The shares were sold at an average price of $18.91, for a total transaction of $104,005.00. Following the sale, the executive vice president owned 83,068 shares of the company's stock, valued at approximately $1,570,815.88. This represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Buran sold 113,463 shares of OceanFirst Financial stock in a transaction dated Friday, August 7th. The stock was 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 owned by company insiders.

Institutional Investors Weigh In On OceanFirst Financial

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of OceanFirst Financial in the 2nd quarter valued at about $194,135,000. Wellington Management Group LLP raised its stake in OceanFirst Financial by 58.5% during the 2nd quarter. Wellington Management Group LLP now owns 4,114,069 shares of the savings and loans company's stock worth $80,348,000 after buying an additional 1,518,636 shares during the period. Dimensional Fund Advisors LP raised its stake in OceanFirst Financial by 5.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company's stock worth $61,499,000 after buying an additional 179,364 shares during the period. Systematic Financial Management LP boosted its holdings in OceanFirst Financial by 15.1% in the first quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company's stock worth $24,960,000 after acquiring an additional 181,557 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in OceanFirst Financial in the second quarter worth approximately $12,593,000. Institutional investors and hedge funds own 70.98% of the company's stock.

About OceanFirst Financial

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

OceanFirst Bank offers deposit products, including checking, savings, money market and certificate accounts, along with residential mortgage, home equity, commercial real estate, commercial and industrial, consumer and small-business loans.

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