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

Pinnacle Holdings LLC acquired a new stake in OceanFirst Financial Corp. (NASDAQ:OCFC) in the second quarter, Holdings Channel.com reports. The fund acquired 47,749 shares of the savings and loans company’s stock, valued at approximately $933,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new position in OceanFirst Financial during the 2nd quarter worth about $27,000. GAMMA Investing LLC boosted its holdings in OceanFirst Financial by 174.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company’s stock valued at $37,000 after acquiring an additional 1,220 shares during the period. Quantbot Technologies LP acquired a new position in OceanFirst Financial in the 2nd quarter valued at about $85,000. Global Retirement Partners LLC acquired a new position in OceanFirst Financial in the 2nd quarter valued at about $103,000. Finally, Tower Research Capital LLC TRC grew its position in OceanFirst Financial by 458.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company’s stock valued at $150,000 after acquiring an additional 6,998 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on OCFC shares. Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. DA Davidson lifted their price objective 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, Piper Sandler reaffirmed a “neutral” rating and set a $21.00 target price (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $21.50.

Insider Activity

In other news, Director John R. Buran sold 113,463 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $19.40, for a total transaction of $2,201,182.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.40% of the company’s stock.

OceanFirst Financial Price Performance

Shares of NASDAQ OCFC opened at $19.06 on Monday. The stock has a market cap of $1.84 billion, a P/E ratio of 22.42 and a beta of 0.99. The business’s fifty day simple moving average is $19.24 and its 200-day simple moving average is $18.82. OceanFirst Financial Corp. has a 12-month low of $17.05 and a 12-month high of $20.61. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%.The firm had revenue of $131.33 million during the quarter, compared to analysts’ expectations of $135.62 million. As a group, equities analysts predict that OceanFirst Financial Corp. will post 1.81 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

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

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.