Addison Capital Co Acquires 42,450 Shares of OceanFirst Financial Corp. $OCFC

Addison Capital Co lifted its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 34.6% in the first quarter, Holdings Channel.com reports. The fund owned 165,173 shares of the savings and loans company’s stock after purchasing an additional 42,450 shares during the period. Addison Capital Co’s holdings in OceanFirst Financial were worth $2,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in OceanFirst Financial by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 3,407,118 shares of the savings and loans company’s stock worth $61,158,000 after purchasing an additional 9,154 shares in the last quarter. Wellington Management Group LLP increased its position in shares of OceanFirst Financial by 36.7% during the fourth quarter. Wellington Management Group LLP now owns 3,265,615 shares of the savings and loans company’s stock valued at $58,618,000 after buying an additional 877,311 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of OceanFirst Financial in the fourth quarter worth about $38,976,000. Invesco Ltd. lifted its holdings in shares of OceanFirst Financial by 6.6% in the fourth quarter. Invesco Ltd. now owns 1,998,148 shares of the savings and loans company’s stock worth $35,867,000 after buying an additional 123,691 shares in the last quarter. Finally, State Street Corp boosted its position in shares of OceanFirst Financial by 1.5% in the fourth quarter. State Street Corp now owns 1,817,711 shares of the savings and loans company’s stock valued at $32,628,000 after acquiring an additional 27,491 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on OCFC shares. Piper Sandler set a $19.00 price objective on shares of OceanFirst Financial and gave the company a “neutral” rating in a research note on Friday, June 12th. DA Davidson raised their price target on shares of OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings upgraded shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, OceanFirst Financial has a consensus rating of “Hold” and a consensus target price of $21.00.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $18.96 on Wednesday. The stock’s 50-day moving average is $18.62 and its 200 day moving average is $18.62. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 16.21 and a beta of 0.98. OceanFirst Financial Corp. has a 1-year low of $16.09 and a 1-year high of $20.61. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.04. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. The company had revenue of $103.19 million for the quarter, compared to analysts’ expectations of $143.25 million. On average, sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.85 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were issued a $0.20 dividend. The ex-dividend date was Monday, April 27th. This represents a $0.80 annualized dividend and a dividend yield of 4.2%. OceanFirst Financial’s dividend payout ratio (DPR) is currently 68.38%.

OceanFirst Financial Profile

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.