Jennison Associates LLC Purchases New Holdings in OceanFirst Financial Corp. (OCFC)

Jennison Associates LLC purchased a new stake in OceanFirst Financial Corp. (NASDAQ:OCFC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,025 shares of the savings and loans company’s stock, valued at approximately $303,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of OCFC. Janus Henderson Group PLC purchased a new position in OceanFirst Financial Corp. in the second quarter valued at approximately $6,326,000. Lord Abbett & CO. LLC raised its holdings in OceanFirst Financial Corp. by 303.8% in the second quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock valued at $8,118,000 after buying an additional 225,211 shares during the period. Dimensional Fund Advisors LP raised its holdings in OceanFirst Financial Corp. by 17.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,241,493 shares of the savings and loans company’s stock valued at $34,980,000 after buying an additional 184,647 shares during the period. Renaissance Technologies LLC raised its holdings in OceanFirst Financial Corp. by 10.9% in the second quarter. Renaissance Technologies LLC now owns 1,332,791 shares of the savings and loans company’s stock valued at $36,145,000 after buying an additional 131,100 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in OceanFirst Financial Corp. by 16.5% in the second quarter. Goldman Sachs Group Inc. now owns 902,624 shares of the savings and loans company’s stock valued at $24,479,000 after buying an additional 127,888 shares during the period. Hedge funds and other institutional investors own 69.52% of the company’s stock.

In other news, Director Steven E. Brady sold 2,800 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $27.65, for a total transaction of $77,420.00. Following the sale, the director now owns 72,562 shares in the company, valued at $2,006,339.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven E. Brady sold 3,825 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $24.89, for a total transaction of $95,204.25. Following the sale, the director now owns 67,177 shares in the company, valued at approximately $1,672,035.53. The disclosure for this sale can be found here. Company insiders own 7.00% of the company’s stock.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at $26.85 on Tuesday. The stock has a market cap of $862.13, a P/E ratio of 16.23, a PEG ratio of 1.56 and a beta of 0.61. OceanFirst Financial Corp. has a 12 month low of $23.02 and a 12 month high of $30.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94.

OceanFirst Financial Corp. (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The company had revenue of $50.42 million for the quarter, compared to analyst estimates of $50.41 million. OceanFirst Financial Corp. had a net margin of 18.59% and a return on equity of 8.87%. sell-side analysts forecast that OceanFirst Financial Corp. will post 1.7 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.23%. OceanFirst Financial Corp.’s dividend payout ratio is currently 50.00%.

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OCFC has been the topic of several research reports. DA Davidson initiated coverage on shares of OceanFirst Financial Corp. in a report on Thursday, September 21st. They issued a “buy” rating and a $31.00 price target on the stock. BidaskClub lowered shares of OceanFirst Financial Corp. from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. Sandler O’Neill upgraded shares of OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Wednesday, September 20th. Piper Jaffray Companies restated a “buy” rating and issued a $31.00 price target on shares of OceanFirst Financial Corp. in a report on Friday, October 27th. Finally, Hovde Group initiated coverage on shares of OceanFirst Financial Corp. in a report on Monday, October 9th. They issued an “outperform” rating and a $32.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. OceanFirst Financial Corp. has an average rating of “Buy” and an average target price of $31.00.

About OceanFirst Financial Corp.

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.

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

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