Pinnacle Holdings LLC Takes $933,000 Position in OceanFirst Financial Corp. $OCFC

Pinnacle Holdings LLC acquired a new position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 47,749 shares of the savings and loans company’s stock, valued at approximately $933,000. Pinnacle Holdings LLC owned about 0.08% of OceanFirst Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of OceanFirst Financial during the 2nd quarter worth $194,135,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of OceanFirst Financial in the fourth quarter valued at about $38,976,000. Wellington Management Group LLP grew its holdings in shares of OceanFirst Financial by 97.9% in the third quarter. Wellington Management Group LLP now owns 2,388,304 shares of the savings and loans company’s stock valued at $41,963,000 after purchasing an additional 1,181,553 shares during the period. Bank of New York Mellon Corp acquired a new stake in OceanFirst Financial during the second quarter worth about $12,593,000. Finally, Systematic Financial Management LP increased its position in OceanFirst Financial by 15.1% during the first quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company’s stock worth $24,960,000 after purchasing an additional 181,557 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

OceanFirst Financial Stock Performance

Shares of OceanFirst Financial stock opened at $19.06 on Monday. The firm has a market cap of $1.84 billion, a PE ratio of 22.42 and a beta of 0.99. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial Corp. has a 52 week low of $17.05 and a 52 week high of $20.61. The business’s fifty day simple moving average is $19.24 and its 200-day simple moving average is $18.82.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. The firm had revenue of $131.33 million during the quarter, compared to the consensus estimate of $135.62 million. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%. Equities analysts forecast that OceanFirst Financial Corp. will post 1.81 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend was Monday, August 10th. OceanFirst Financial’s dividend payout ratio (DPR) is 94.12%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. DA Davidson lifted their target price on shares of OceanFirst Financial from $19.00 to $20.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 28th. Piper Sandler reissued a “neutral” rating and issued a $21.00 price target (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.50.

Insider Buying and Selling at OceanFirst Financial

In other OceanFirst Financial news, Director John R. Buran sold 113,463 shares of OceanFirst Financial stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $19.40, for a total transaction of $2,201,182.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 5.40% of the stock is currently owned by corporate insiders.

About OceanFirst Financial

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.