Martingale Asset Management L P cut its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 43.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,507 shares of the savings and loans company’s stock after selling 10,500 shares during the period. Martingale Asset Management L P’s holdings in OceanFirst Financial were worth $355,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. SG Americas Securities LLC bought a new position in OceanFirst Financial during the 3rd quarter worth approximately $165,000. Trexquant Investment LP bought a new position in OceanFirst Financial during the 3rd quarter worth approximately $201,000. First Republic Investment Management Inc. bought a new position in OceanFirst Financial during the 3rd quarter worth approximately $224,000. Teacher Retirement System of Texas bought a new position in OceanFirst Financial during the 4th quarter worth approximately $249,000. Finally, Jennison Associates LLC bought a new position in OceanFirst Financial during the 3rd quarter worth approximately $303,000. Institutional investors and hedge funds own 75.10% of the company’s stock.
Several research analysts have issued reports on the stock. BidaskClub lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Saturday, January 20th. ValuEngine upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Keefe, Bruyette & Woods restated a “buy” rating and set a $37.00 price target on shares of OceanFirst Financial in a report on Friday, December 22nd. Finally, Zacks Investment Research lowered shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Wednesday, November 22nd. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $31.83.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, meeting the consensus estimate of $0.45. The company had revenue of $49.25 million during the quarter, compared to analyst estimates of $50.52 million. OceanFirst Financial had a net margin of 19.67% and a return on equity of 9.48%. sell-side analysts forecast that OceanFirst Financial Corp. will post 1.95 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. OceanFirst Financial’s dividend payout ratio is currently 46.88%.
In other news, Director Joseph J. Burke sold 1,490 shares of OceanFirst Financial stock in a transaction on Monday, January 8th. The shares were sold at an average price of $26.73, for a total value of $39,827.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. Brady sold 20,000 shares of OceanFirst Financial stock in a transaction on Monday, February 5th. The shares were sold at an average price of $26.02, for a total transaction of $520,400.00. The disclosure for this sale can be found here. Insiders sold a total of 27,995 shares of company stock valued at $732,065 in the last quarter. 7.00% of the stock is currently owned by company insiders.
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OceanFirst Financial Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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