Algert Global LLC Acquires 5,388 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Algert Global LLC grew its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 12.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,292 shares of the savings and loans company’s stock after buying an additional 5,388 shares during the period. Algert Global LLC owned 0.08% of OceanFirst Financial worth $767,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Federated Hermes Inc. boosted its holdings in shares of OceanFirst Financial by 0.5% during the 2nd 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 in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of OceanFirst Financial by 6.2% during 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 buying an additional 1,016 shares in the last quarter. Quest Partners LLC boosted its holdings 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 valued at $832,000 after buying an additional 1,112 shares in the last quarter. Innealta Capital LLC bought a new position in OceanFirst Financial in the 2nd quarter worth about $25,000. Finally, Acadian Asset Management LLC purchased a new stake in OceanFirst Financial during the 1st quarter valued at about $39,000. Institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $17.65 on Friday. 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 company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.32 and a beta of 1.01. The company’s 50-day moving average is $17.28 and its 200 day moving average is $16.18. OceanFirst Financial Corp. has a one year low of $12.01 and a one year high of $18.98.

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

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.53%. The ex-dividend date was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Analyst Ratings Changes

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