OceanFirst Financial (NASDAQ:OCFC) Shares Break Below 200-Day Moving Average - Here's Why

Key Points

• OceanFirst Financial shares fell below their 200-day moving average, trading as low as $18.23 versus the $18.48 average and last at $18.34.
• Analyst sentiment is cautious: four analysts rate the stock Hold, with a $19 consensus price target; Piper Sandler lowered its target to $18.
• The company beat quarterly earnings and revenue estimates, while its CFO and a director each bought shares. OceanFirst also declared a $0.20 quarterly dividend, equivalent to a 4.4% yield.

OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report)'s stock price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $18.48 and traded as low as $18.23. OceanFirst Financial shares last traded at $18.34, with a volume of 1,357,269 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OCFC shares. Piper Sandler dropped their price objective on shares of OceanFirst Financial from $21.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 6th. Weiss Ratings downgraded shares of OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 25th. Four research analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $19.00.

OceanFirst Financial Stock Performance

The company has a market cap of $1.77 billion, a P/E ratio of 25.47 and a beta of 1.01. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock has a 50 day moving average price of $17.46 and a two-hundred day moving average price of $18.48.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.08. OceanFirst Financial had a return on equity of 6.55% and a net margin of 5.28%. The business had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million. On average, research analysts predict that OceanFirst Financial Corp. will post 1.81 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Monday, November 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Monday, November 9th. OceanFirst Financial's dividend payout ratio is presently 111.11%.

Insider Buying and Selling

In related news, CFO Patrick Barrett acquired 5,000 shares of the stock in a transaction that occurred on Friday, October 30th. The stock was acquired at an average cost of $17.90 per share, for a total transaction of $89,500.00. Following the transaction, the chief financial officer directly owned 152,350 shares in the company, valued at $2,727,065. This trade represents a 3.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Nicos Katsoulis acquired 10,000 shares of OceanFirst Financial stock in a transaction that occurred on Friday, October 30th. The shares were purchased at an average price of $17.83 per share, for a total transaction of $178,300.00. Following the transaction, the director directly owned 41,096 shares in the company, valued at $732,741.68. The trade was a 32.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 5.40% of the stock is owned by corporate insiders.

Institutional Trading of OceanFirst Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Byrne Asset Management LLC boosted its position in shares of OceanFirst Financial by 7.0% during the 2nd quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company's stock valued at $180,000 after purchasing an additional 600 shares in the last quarter. Royal Bank of Canada grew its stake in 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 during the period. Quantinno Capital Management LP increased its holdings in OceanFirst Financial by 2.4% in 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 holdings in 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 in the last quarter. Finally, GAMMA Investing LLC lifted its stake in 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 valued at $37,000 after buying an additional 1,220 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About OceanFirst Financial

OceanFirst Financial Corp. NASDAQ: OCFC is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.

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