Insider Buying: OceanFirst Financial (NASDAQ:OCFC) Director Purchases $178,300.00 in Stock

OceanFirst Financial Corp. (NASDAQ:OCFC) Director Nicos Katsoulis bought 10,000 shares of the company’s stock in a transaction on Friday, October 30th. The shares were acquired at an average price of $17.83 per share, with a total value of $178,300.00. Following the transaction, the director directly owned 41,096 shares in the company, valued at approximately $732,741.68. The trade was a 32.16% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

OceanFirst Financial Stock Up 3.7%

Shares of OceanFirst Financial stock opened at $19.01 on Thursday. The business’s 50 day simple moving average is $17.48 and its 200 day simple moving average is $18.48. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92. OceanFirst Financial Corp. has a 52-week low of $15.60 and a 52-week high of $20.61. The firm has a market cap of $1.84 billion, a PE ratio of 10.48 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The company had revenue of $185.13 million for 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%. On average, analysts predict that OceanFirst Financial Corp. will post 1.81 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Monday, November 9th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, November 9th. OceanFirst Financial’s payout ratio is currently 111.11%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings downgraded shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Piper Sandler decreased their target price on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, October 6th. Four equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $19.00.

Institutional Trading of OceanFirst Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of OceanFirst Financial in the 2nd quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of OceanFirst Financial during the 2nd quarter worth $27,000. Nykredit A S purchased a new position in OceanFirst Financial in the 2nd quarter valued at approximately $30,000. GAMMA Investing LLC grew its position in shares of OceanFirst Financial by 174.8% in the second quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company’s stock valued at $37,000 after purchasing an additional 1,220 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of 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 valued at $62,000 after buying an additional 1,458 shares during the period. 70.98% of the stock is currently owned by institutional investors.

OceanFirst Financial Company Profile

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.