Systematic Financial Management LP Raises Stock Holdings in OceanFirst Financial Corp. $OCFC

Systematic Financial Management LP boosted its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 15.1% in the first quarter, Holdings Channel.com reports. The firm owned 1,383,588 shares of the savings and loans company’s stock after buying an additional 181,557 shares during the quarter. Systematic Financial Management LP’s holdings in OceanFirst Financial were worth $24,960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OCFC. CANADA LIFE ASSURANCE Co boosted its holdings in shares of OceanFirst Financial by 7.0% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock valued at $181,000 after buying an additional 673 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of OceanFirst Financial by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock worth $362,000 after acquiring an additional 885 shares in the last quarter. Gabelli Funds LLC lifted its position in OceanFirst Financial by 3.2% during the 4th quarter. Gabelli Funds LLC now owns 32,344 shares of the savings and loans company’s stock valued at $581,000 after acquiring an additional 1,000 shares during the period. ExodusPoint Capital Management LP lifted its position in OceanFirst Financial by 2.2% during the 4th quarter. ExodusPoint Capital Management LP now owns 54,570 shares of the savings and loans company’s stock valued at $980,000 after acquiring an additional 1,192 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in OceanFirst Financial by 6.8% during the first quarter. PNC Financial Services Group Inc. now owns 18,938 shares of the savings and loans company’s stock worth $342,000 after acquiring an additional 1,205 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Trading Down 1.0%

Shares of NASDAQ OCFC opened at $19.48 on Friday. The firm’s 50 day moving average price is $18.79 and its 200-day moving average price is $18.63. The company has a market cap of $1.12 billion, a PE ratio of 16.65 and a beta of 0.98. OceanFirst Financial Corp. has a 52-week low of $16.09 and a 52-week high of $20.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $143.25 million. On average, equities research analysts expect that OceanFirst Financial Corp. will post 1.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OCFC. Piper Sandler set a $19.00 price objective on shares of OceanFirst Financial and gave the stock a “neutral” rating in a report on Friday, June 12th. DA Davidson lifted their target price 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 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 presently has an average rating of “Hold” and a consensus target price of $21.00.

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.