Deutsche Bank AG Invests $1.68 Million in OceanFirst Financial Corp. $OCFC

Deutsche Bank AG acquired a new stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) during the second quarter, HoldingsChannel reports. The firm acquired 85,833 shares of the savings and loans company’s stock, valued at approximately $1,676,000.

A number of other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in OceanFirst Financial by 5.6% during the first 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of OceanFirst Financial by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 3,407,118 shares of the savings and loans company’s stock valued at $61,158,000 after buying an additional 9,154 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of OceanFirst Financial by 36.7% during the 4th quarter. Wellington Management Group LLP now owns 3,265,615 shares of the savings and loans company’s stock worth $58,618,000 after acquiring an additional 877,311 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in shares of OceanFirst Financial during the 4th quarter worth about $38,976,000. Finally, Invesco Ltd. boosted its position in shares of OceanFirst Financial by 6.6% during the 4th quarter. Invesco Ltd. now owns 1,998,148 shares of the savings and loans company’s stock valued at $35,867,000 after acquiring an additional 123,691 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OCFC. Piper Sandler reissued a “neutral” rating and issued a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. Weiss Ratings raised OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.50.

OceanFirst Financial Stock Performance

OceanFirst Financial stock opened at $18.88 on Friday. The stock has a 50-day simple moving average of $19.32 and a 200 day simple moving average of $18.80. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial Corp. has a 12-month low of $17.05 and a 12-month high of $20.61. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 22.21 and a beta of 0.99.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting analysts’ consensus estimates of $0.43. The firm had revenue of $131.33 million for 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 anticipate that OceanFirst Financial Corp. will post 1.81 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 21st. Stockholders of record on Monday, August 10th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Monday, August 10th. OceanFirst Financial’s dividend payout ratio is 94.12%.

Insider Activity at OceanFirst Financial

In related news, Director John R. Buran sold 113,463 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $19.40, for a total value of $2,201,182.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.40% of the stock is owned by company insiders.

OceanFirst Financial Company Profile

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.