Bank of New York Mellon Corp increased its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 24.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 409,098 shares of the savings and loans company’s stock after purchasing an additional 80,674 shares during the period. Bank of New York Mellon Corp owned 0.85% of OceanFirst Financial worth $12,257,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of OCFC. FMR LLC bought a new position in OceanFirst Financial in the 2nd quarter worth approximately $24,284,000. Schroder Investment Management Group bought a new position in OceanFirst Financial in the 2nd quarter worth approximately $19,975,000. BlackRock Inc. raised its position in OceanFirst Financial by 14.7% in the 2nd quarter. BlackRock Inc. now owns 3,139,461 shares of the savings and loans company’s stock worth $94,058,000 after purchasing an additional 402,644 shares during the last quarter. Dimensional Fund Advisors LP raised its position in OceanFirst Financial by 17.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,612,305 shares of the savings and loans company’s stock worth $78,265,000 after purchasing an additional 380,171 shares during the last quarter. Finally, Bank of America Corp DE raised its position in OceanFirst Financial by 197.8% in the 2nd quarter. Bank of America Corp DE now owns 430,144 shares of the savings and loans company’s stock worth $12,887,000 after purchasing an additional 285,694 shares during the last quarter. Hedge funds and other institutional investors own 74.67% of the company’s stock.
OCFC opened at $24.43 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.97 and a quick ratio of 0.97. OceanFirst Financial Corp. has a 52 week low of $23.97 and a 52 week high of $30.90. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54.
OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, October 25th. The savings and loans company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). OceanFirst Financial had a return on equity of 9.09% and a net margin of 19.35%. The business had revenue of $69.79 million for the quarter, compared to analyst estimates of $74.31 million. Equities analysts expect that OceanFirst Financial Corp. will post 2 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 16th. Shareholders of record on Monday, November 5th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Friday, November 2nd. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s payout ratio is currently 40.00%.
Several research analysts recently weighed in on OCFC shares. Zacks Investment Research upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. BidaskClub upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, ValuEngine cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. OceanFirst Financial has a consensus rating of “Hold” and an average price target of $34.00.
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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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