Federated Hermes Inc. Increases Stock Holdings in OceanFirst Financial Corp. (NASDAQ:OCFC)

Federated Hermes Inc. raised its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 137,196 shares of the savings and loans company’s stock after purchasing an additional 658 shares during the quarter. Federated Hermes Inc. owned 0.23% of OceanFirst Financial worth $2,180,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Innealta Capital LLC bought a new stake in OceanFirst Financial during the second quarter valued at approximately $25,000. Acadian Asset Management LLC purchased a new stake in OceanFirst Financial in the 1st quarter worth approximately $39,000. Meeder Asset Management Inc. purchased a new stake in shares of OceanFirst Financial in the second quarter worth $62,000. EMC Capital Management bought a new position in OceanFirst Financial in the 1st quarter worth $150,000. Finally, ProShare Advisors LLC purchased a new stake in OceanFirst Financial in the 1st quarter worth $172,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on OCFC shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $18.00 price objective (down from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Hovde Group boosted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.90.

OceanFirst Financial Price Performance

NASDAQ:OCFC opened at $18.21 on Friday. The business’s 50-day moving average is $17.29 and its 200 day moving average is $15.97. OceanFirst Financial Corp. has a 12 month low of $12.01 and a 12 month high of $18.98. The company has a market capitalization of $1.07 billion, a P/E ratio of 10.65 and a beta of 1.01. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The firm had revenue of $170.41 million for the quarter, compared to the consensus estimate of $94.93 million. During the same quarter in the prior year, the company posted $0.46 earnings per share. On average, equities research analysts forecast that OceanFirst Financial Corp. will post 1.58 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is 46.78%.

OceanFirst Financial Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.