Charles Schwab Investment Management Inc. Purchases 2,330 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)


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Charles Schwab Investment Management Inc. lifted its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 0.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 396,331 shares of the savings and loans company’s stock after acquiring an additional 2,330 shares during the period. Charles Schwab Investment Management Inc.’s holdings in OceanFirst Financial were worth $7,384,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in shares of OceanFirst Financial by 18.2% during the first quarter. First Trust Advisors LP now owns 60,687 shares of the savings and loans company’s stock worth $1,460,000 after buying an additional 9,365 shares in the last quarter. Morgan Stanley boosted its stake in OceanFirst Financial by 42.4% in the third quarter. Morgan Stanley now owns 124,940 shares of the savings and loans company’s stock valued at $1,711,000 after acquiring an additional 37,219 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in OceanFirst Financial by 9.6% in the third quarter. Cubist Systematic Strategies LLC now owns 27,352 shares of the savings and loans company’s stock valued at $374,000 after acquiring an additional 2,407 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in OceanFirst Financial in the third quarter valued at approximately $138,000. Finally, Paloma Partners Management Co bought a new position in OceanFirst Financial in the third quarter valued at approximately $269,000. Institutional investors and hedge funds own 65.33% of the company’s stock.

Shares of NASDAQ:OCFC opened at $23.36 on Friday. OceanFirst Financial Corp. has a 12 month low of $12.88 and a 12 month high of $25.76. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 0.42. The company’s fifty day simple moving average is $23.74 and its 200 day simple moving average is $19.12. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 24.59 and a beta of 0.98.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Wednesday, January 27th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). OceanFirst Financial had a return on equity of 5.38% and a net margin of 13.14%. The company had revenue of $93.98 million for the quarter, compared to analyst estimates of $92.22 million. Research analysts expect that OceanFirst Financial Corp. will post 1.2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Monday, February 8th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, February 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.91%. OceanFirst Financial’s payout ratio is 32.85%.

In other OceanFirst Financial news, CAO Michele B. Estep sold 1,291 shares of OceanFirst Financial stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $23.11, for a total value of $29,835.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher Maher sold 2,641 shares of OceanFirst Financial stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $23.11, for a total transaction of $61,033.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,637 shares of company stock worth $636,721. 3.80% of the stock is currently owned by company insiders.

A number of brokerages have issued reports on OCFC. Raymond James raised their price objective on shares of OceanFirst Financial from $19.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 7th. Zacks Investment Research cut shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, April 7th. DA Davidson raised shares of OceanFirst Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $17.00 to $24.00 in a research report on Thursday, December 17th. TheStreet raised shares of OceanFirst Financial from a “c” rating to a “b” rating in a research report on Friday, January 29th. Finally, Seaport Global Securities initiated coverage on shares of OceanFirst Financial in a research report on Tuesday, March 30th. They set a “buy” rating and a $28.00 price target on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $22.83.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. The company accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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Want to see what other hedge funds are holding OCFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OceanFirst Financial Corp. (NASDAQ:OCFC).

Institutional Ownership by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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