OceanFirst Financial (NASDAQ:OCFC) CFO Patrick Sean Barrett Buys 5,000 Shares of Stock

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

OceanFirst Financial Stock Performance

NASDAQ:OCFC opened at $17.94 on Friday. The firm has a market capitalization of $1.73 billion, a PE ratio of 24.92 and a beta of 1.02. The business’s fifty day moving average price is $17.49 and its 200 day moving average price is $18.47. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.92. OceanFirst Financial Corp. has a 12 month low of $15.60 and a 12 month high of $20.61.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share for the quarter, beating 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, sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.76 earnings per share for the current fiscal year.

OceanFirst Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, November 9th. OceanFirst Financial’s dividend payout ratio (DPR) is 111.11%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings cut OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Piper Sandler dropped their price target on shares of OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Four analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, OceanFirst Financial presently has a consensus rating of “Hold” and an average target price of $19.00.

Hedge Funds Weigh In On OceanFirst Financial

Large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of OceanFirst Financial during the second quarter worth approximately $194,135,000. Wellington Management Group LLP raised its position in OceanFirst Financial by 58.5% in the 2nd quarter. Wellington Management Group LLP now owns 4,114,069 shares of the savings and loans company’s stock valued at $80,348,000 after purchasing an additional 1,518,636 shares during the last quarter. Dimensional Fund Advisors LP raised its position in OceanFirst Financial by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,409,103 shares of the savings and loans company’s stock valued at $61,499,000 after purchasing an additional 179,364 shares during the last quarter. Systematic Financial Management LP raised its position in OceanFirst Financial by 15.1% in the 1st quarter. Systematic Financial Management LP now owns 1,383,588 shares of the savings and loans company’s stock valued at $24,960,000 after purchasing an additional 181,557 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in OceanFirst Financial during the 2nd quarter worth $12,593,000. Institutional investors and hedge funds 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.