Point72 Asset Management L.P. Has $258,000 Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)

Point72 Asset Management L.P. lifted its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 54.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,255 shares of the savings and loans company’s stock after purchasing an additional 5,755 shares during the quarter. Point72 Asset Management L.P.’s holdings in OceanFirst Financial were worth $258,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GSA Capital Partners LLP grew its position in OceanFirst Financial by 455.5% in the first quarter. GSA Capital Partners LLP now owns 71,704 shares of the savings and loans company’s stock valued at $1,177,000 after acquiring an additional 58,795 shares during the period. Boston Partners grew its position in OceanFirst Financial by 3.2% in the first quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company’s stock valued at $22,505,000 after acquiring an additional 42,966 shares during the period. Russell Investments Group Ltd. grew its position in OceanFirst Financial by 59,216.3% in the first quarter. Russell Investments Group Ltd. now owns 51,012 shares of the savings and loans company’s stock valued at $837,000 after acquiring an additional 50,926 shares during the period. Vanguard Group Inc. grew its position in OceanFirst Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company’s stock valued at $57,027,000 after acquiring an additional 105,764 shares during the period. Finally, Cornercap Investment Counsel Inc. grew its position in OceanFirst Financial by 105.9% in the second quarter. Cornercap Investment Counsel Inc. now owns 69,981 shares of the savings and loans company’s stock valued at $1,112,000 after acquiring an additional 35,994 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Hovde Group upped their price target on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research report on Friday, September 20th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.90.

OceanFirst Financial Price Performance

Shares of OCFC stock opened at $17.65 on Friday. The stock’s fifty day moving average is $17.28 and its 200-day moving average is $16.18. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $1.04 billion, a PE ratio of 10.32 and a beta of 1.01. OceanFirst Financial Corp. has a 52 week low of $12.01 and a 52 week high of $18.98.

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

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.53%. 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.