OceanFirst Financial (NASDAQ:OCFC) CFO Acquires $89,500.00 in Stock

OceanFirst Financial Corp. (NASDAQ:OCFC) CFO Patrick Barrett bought 5,000 shares of the stock in a transaction dated Friday, October 30th. The stock was bought at an average price of $17.90 per share, with a total value of $89,500.00. Following the acquisition, the chief financial officer owned 152,350 shares in the company, valued at approximately $2,727,065. This represents a 3.39% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

OceanFirst Financial Stock Performance

NASDAQ:OCFC traded up $0.06 during trading hours on Friday, reaching $17.86. 822,923 shares of the company’s stock were exchanged, compared to its average volume of 911,205. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 24.81 and a beta of 1.02. OceanFirst Financial Corp. has a 1-year low of $15.60 and a 1-year high of $20.61. The company has a 50-day moving average of $17.52 and a 200 day moving average of $18.47.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.40 by $0.08. The business had revenue of $185.13 million during the quarter, compared to analysts’ expectations of $177.79 million. OceanFirst Financial had a return on equity of 6.55% and a net margin of 5.28%. Research analysts anticipate that OceanFirst Financial Corp. will post 1.76 EPS for the current year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, November 9th. OceanFirst Financial’s payout ratio is 94.12%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OCFC shares. Piper Sandler lowered their price objective on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Weiss Ratings cut OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 25th. Four investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.00.

Hedge Funds Weigh In On OceanFirst Financial

A number of large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its holdings in OceanFirst Financial by 62.7% during the third quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company’s stock worth $62,000 after buying an additional 1,458 shares in the last quarter. Byrne Asset Management LLC lifted its position in shares of OceanFirst Financial by 18.5% during the 3rd quarter. Byrne Asset Management LLC now owns 10,940 shares of the savings and loans company’s stock valued at $182,000 after acquiring an additional 1,710 shares during the period. Versant Capital Management Inc boosted its stake in shares of OceanFirst Financial by 179.0% during the 3rd quarter. Versant Capital Management Inc now owns 5,187 shares of the savings and loans company’s stock worth $86,000 after acquiring an additional 3,328 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of OceanFirst Financial in the 2nd quarter worth approximately $81,000. Finally, Squarepoint Ops LLC grew its holdings in shares of OceanFirst Financial by 23.4% in the 2nd quarter. Squarepoint Ops LLC now owns 142,674 shares of the savings and loans company’s stock worth $2,786,000 after acquiring an additional 27,056 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.