Charles Schwab Investment Management Inc. Has $14.29 Million Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)

Charles Schwab Investment Management Inc. reduced its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 768,565 shares of the savings and loans company’s stock after selling 75,550 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.31% of OceanFirst Financial worth $14,288,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new stake in OceanFirst Financial in the 2nd quarter valued at about $25,000. Capital Performance Advisors LLP bought a new position in shares of OceanFirst Financial in the 3rd quarter valued at $25,000. Meeder Asset Management Inc. bought a new stake in shares of OceanFirst Financial during the 2nd quarter valued at approximately $62,000. CWM LLC lifted its stake in OceanFirst Financial by 437.0% in the 2nd quarter. CWM LLC now owns 10,525 shares of the savings and loans company’s stock valued at $167,000 after purchasing an additional 8,565 shares during the last quarter. Finally, Denali Advisors LLC bought a new stake in OceanFirst Financial during the 2nd quarter worth $172,000. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. DA Davidson reissued a “neutral” rating and issued a $22.00 price objective on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the stock a “neutral” rating in a report on Friday, October 18th. Hovde Group upped their price objective on shares of OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of OceanFirst Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, OceanFirst Financial currently has a consensus rating of “Hold” and an average target price of $20.42.

Insider Activity

In other OceanFirst Financial news, Director Joseph M. Jr. Murphy sold 1,500 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $20.03, for a total transaction of $30,045.00. Following the completion of the transaction, the director now owns 177,417 shares in the company, valued at $3,553,662.51. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.00% of the company’s stock.

OceanFirst Financial Price Performance

OceanFirst Financial stock opened at $20.27 on Monday. The stock has a market cap of $1.18 billion, a P/E ratio of 11.58 and a beta of 1.04. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average price is $19.26 and its two-hundred day moving average price is $17.43. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, October 17th. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. The firm had revenue of $96.90 million during the quarter, compared to the consensus estimate of $92.79 million. On average, equities analysts predict that OceanFirst Financial Corp. will post 1.59 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.95%. The ex-dividend date was Monday, November 4th. OceanFirst Financial’s dividend payout ratio is 45.71%.

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.