Quest Partners LLC Raises Stock Position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Quest Partners LLC lifted its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 2.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,372 shares of the savings and loans company’s stock after buying an additional 1,112 shares during the period. Quest Partners LLC owned approximately 0.09% of OceanFirst Financial worth $832,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in OceanFirst Financial by 20.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock worth $14,485,000 after purchasing an additional 139,047 shares during the last quarter. BNP Paribas Financial Markets grew its position in OceanFirst Financial by 70.4% during the 4th quarter. BNP Paribas Financial Markets now owns 61,829 shares of the savings and loans company’s stock worth $1,073,000 after purchasing an additional 25,551 shares during the last quarter. Principal Financial Group Inc. grew its position in OceanFirst Financial by 16.3% during the 4th quarter. Principal Financial Group Inc. now owns 24,809 shares of the savings and loans company’s stock worth $431,000 after purchasing an additional 3,475 shares during the last quarter. Addison Capital Co grew its position in OceanFirst Financial by 7.9% during the 4th quarter. Addison Capital Co now owns 115,606 shares of the savings and loans company’s stock worth $2,007,000 after purchasing an additional 8,505 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in 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 worth $303,000 after purchasing an additional 1,016 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $17.12 on Wednesday. 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 Corp. has a 12 month low of $12.01 and a 12 month high of $18.96. The company has a 50 day simple moving average of $16.98 and a two-hundred day simple moving average of $15.83. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 10.01 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data 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). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The business had revenue of $170.41 million for the quarter, compared to analyst estimates of $94.93 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, analysts predict that OceanFirst Financial Corp. will post 1.58 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 target price (down previously from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, OceanFirst Financial has an average rating of “Hold” and a consensus target price of $18.00.

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.