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

Point72 Asia Singapore Pte. Ltd. trimmed its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 60.7% during the second quarter, according to the company in its most recent Form 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 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC acquired a new stake in OceanFirst Financial in the second quarter valued at $25,000. Acadian Asset Management LLC bought a new stake in shares of OceanFirst Financial in the 1st quarter worth about $39,000. Meeder Asset Management Inc. acquired a new stake in shares of OceanFirst Financial in the 2nd quarter valued at about $62,000. EMC Capital Management bought a new position in shares of OceanFirst Financial during the first quarter worth about $150,000. Finally, CWM LLC grew its stake in OceanFirst Financial by 437.0% in the second quarter. CWM LLC now owns 10,525 shares of the savings and loans company’s stock worth $167,000 after purchasing an additional 8,565 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

OceanFirst Financial Trading Down 3.8 %

OceanFirst Financial stock opened at $17.88 on Wednesday. OceanFirst Financial Corp. has a 1 year low of $12.01 and a 1 year high of $18.98. The firm’s 50-day moving average is $17.32 and its 200-day moving average is $16.11. 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 cap of $1.05 billion, a P/E ratio of 10.54 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, July 18th. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). The business had revenue of $170.41 million during 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 period in the prior year, the business earned $0.46 EPS. On average, equities analysts expect that OceanFirst Financial Corp. will post 1.58 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were given a dividend of $0.20 per share. The ex-dividend date was Monday, August 5th. This represents a $0.80 dividend on an annualized basis and a yield of 4.47%. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Analyst Upgrades and Downgrades

Separately, Hovde Group boosted their price objective on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $18.90.

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.