OceanFirst Financial (NASDAQ:OCFC) Stock: Insider Patrick Sean Barrett Purchases 5,000 Shares

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

OceanFirst Financial Stock Up 0.7%

Shares of NASDAQ:OCFC opened at $17.94 on Friday. OceanFirst Financial Corp. has a 52-week low of $15.60 and a 52-week high of $20.61. The stock has a market cap of $1.73 billion, a P/E ratio of 24.92 and a beta of 1.02. The business’s 50 day moving average is $17.49 and its 200 day moving average is $18.47. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.97.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data 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 company had revenue of $185.13 million for the quarter, compared to the consensus estimate of $177.79 million. OceanFirst Financial had a return on equity of 6.55% and a net margin of 5.28%. Sell-side analysts predict that OceanFirst Financial Corp. will post 1.79 EPS for the current year.

OceanFirst Financial Announces Dividend

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 given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. OceanFirst Financial’s dividend payout ratio is presently 111.11%.

Hedge Funds Weigh In On OceanFirst Financial

Several institutional investors have recently bought and sold shares of OCFC. Byrne Asset Management LLC raised its stake in OceanFirst Financial by 7.0% in the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock worth $180,000 after buying an additional 600 shares in the last quarter. Royal Bank of Canada boosted its position in OceanFirst Financial by 1.3% during the 1st quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock valued at $885,000 after acquiring an additional 608 shares in the last quarter. Quantinno Capital Management LP boosted its position in OceanFirst Financial by 2.4% during the 1st quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company’s stock valued at $533,000 after acquiring an additional 692 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in OceanFirst Financial by 6.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 18,938 shares of the savings and loans company’s stock valued at $342,000 after acquiring an additional 1,205 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position 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 in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.