Citadel Advisors LLC trimmed its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 15.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 171,941 shares of the savings and loans company’s stock after selling 30,446 shares during the period. Citadel Advisors LLC owned 0.36% of OceanFirst Financial worth $4,681,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Loomis Sayles & Co. L P raised its position in OceanFirst Financial by 3.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 497,178 shares of the savings and loans company’s stock valued at $13,533,000 after purchasing an additional 15,112 shares during the last quarter. JPMorgan Chase & Co. raised its position in OceanFirst Financial by 7.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 106,984 shares of the savings and loans company’s stock valued at $2,912,000 after purchasing an additional 7,859 shares during the last quarter. Royce & Associates LP raised its position in OceanFirst Financial by 26.0% in the 3rd quarter. Royce & Associates LP now owns 63,000 shares of the savings and loans company’s stock valued at $1,715,000 after purchasing an additional 13,000 shares during the last quarter. Stevens Capital Management LP bought a new position in OceanFirst Financial in the 3rd quarter valued at $345,000. Finally, Brown Advisory Inc. raised its position in OceanFirst Financial by 25.3% in the 3rd quarter. Brown Advisory Inc. now owns 1,262,633 shares of the savings and loans company’s stock valued at $34,369,000 after purchasing an additional 254,634 shares during the last quarter. 74.67% of the stock is currently owned by institutional investors and hedge funds.
OCFC has been the subject of several research analyst reports. BidaskClub downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Friday, August 10th. ValuEngine downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $34.00.
OCFC stock opened at $24.43 on Friday. The firm has a market cap of $1.20 billion, a PE ratio of 14.37, a PEG ratio of 1.24 and a beta of 0.54. OceanFirst Financial Corp. has a twelve month low of $23.97 and a twelve month high of $30.90. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.56.
OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, October 25th. The savings and loans company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The firm had revenue of $69.79 million for the quarter, compared to the consensus estimate of $74.31 million. OceanFirst Financial had a return on equity of 9.09% and a net margin of 19.35%. On average, equities research analysts predict that OceanFirst Financial Corp. will post 2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Monday, November 5th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, November 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s payout ratio is presently 40.00%.
About OceanFirst Financial
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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