Jennison Associates LLC purchased a new position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,025 shares of the savings and loans company’s stock, valued at approximately $303,000.
Several other institutional investors also recently modified their holdings of the company. Mercer Capital Advisers Inc. purchased a new position in shares of OceanFirst Financial in the 3rd quarter valued at about $1,016,000. Yorkville Capital Management LLC grew its stake in OceanFirst Financial by 35.0% in the 2nd quarter. Yorkville Capital Management LLC now owns 15,800 shares of the savings and loans company’s stock valued at $428,000 after acquiring an additional 4,100 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of OceanFirst Financial by 303.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock worth $8,118,000 after purchasing an additional 225,211 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of OceanFirst Financial by 10.2% during the 2nd quarter. California State Teachers Retirement System now owns 55,892 shares of the savings and loans company’s stock worth $1,516,000 after purchasing an additional 5,188 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of OceanFirst Financial by 22.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,386 shares of the savings and loans company’s stock worth $661,000 after purchasing an additional 4,433 shares during the last quarter. Institutional investors and hedge funds own 70.93% of the company’s stock.
Several research firms recently issued reports on OCFC. Zacks Investment Research cut shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. ValuEngine lowered shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Hovde Group started coverage on shares of OceanFirst Financial in a research report on Monday, October 9th. They set an “outperform” rating and a $32.00 price target for the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $31.00 price objective on shares of OceanFirst Financial in a report on Friday, October 27th. Finally, Sandler O’Neill upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. OceanFirst Financial has an average rating of “Buy” and a consensus target price of $31.00.
OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, meeting analysts’ consensus estimates of $0.45. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. The business had revenue of $50.42 million during the quarter, compared to analyst estimates of $50.41 million. equities analysts expect that OceanFirst Financial Corp. will post 1.7 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date was Friday, November 3rd. OceanFirst Financial’s payout ratio is presently 50.00%.
In related news, Director Steven E. Brady sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total value of $77,420.00. Following the transaction, the director now owns 72,562 shares in the company, valued at $2,006,339.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.00% of the stock is currently owned by corporate insiders.
OceanFirst Financial Company 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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