OceanFirst Financial Corp. (NASDAQ:OCFC) Shares Sold by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. lessened its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 60.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,676 shares of the savings and loans company’s stock after selling 2,585 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in OceanFirst Financial were worth $27,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of OCFC. Federated Hermes Inc. raised its position in shares of OceanFirst Financial by 0.5% in the second quarter. Federated Hermes Inc. now owns 137,196 shares of the savings and loans company’s stock valued at $2,180,000 after buying an additional 658 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in OceanFirst Financial by 6.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock valued at $303,000 after acquiring an additional 1,016 shares during the last quarter. Quest Partners LLC lifted its stake in shares of OceanFirst Financial by 2.2% during the 2nd quarter. Quest Partners LLC now owns 52,372 shares of the savings and loans company’s stock worth $832,000 after purchasing an additional 1,112 shares during the period. Innealta Capital LLC acquired a new stake in shares of OceanFirst Financial during the second quarter worth $25,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of OceanFirst Financial during the first quarter worth $39,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Stock Down 3.8 %

Shares of NASDAQ OCFC opened at $17.88 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $1.05 billion, a PE ratio of 10.54 and a beta of 1.01. The firm has a fifty day moving average of $17.32 and a 200-day moving average of $16.11. 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 quarterly 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 firm had revenue of $170.41 million for the quarter, compared to analyst estimates 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 prior year, the company earned $0.46 earnings per share. On average, analysts anticipate that OceanFirst Financial Corp. will post 1.58 EPS for the current year.

OceanFirst Financial Dividend Announcement

The firm 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. The ex-dividend date was Monday, August 5th. This represents a $0.80 annualized dividend and a yield of 4.47%. OceanFirst Financial’s payout ratio is 46.78%.

Analyst Upgrades and Downgrades

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

About OceanFirst Financial

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.