OceanFirst Financial Corp. (NASDAQ:OCFC) Position Reduced by LSV Asset Management

LSV Asset Management trimmed its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 5.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 491,028 shares of the savings and loans company’s stock after selling 26,883 shares during the quarter. LSV Asset Management’s holdings in OceanFirst Financial were worth $7,802,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in OceanFirst Financial by 20.0% in 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 period. Vanguard Group Inc. lifted its holdings in shares of OceanFirst Financial by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company’s stock valued at $57,027,000 after purchasing an additional 105,764 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of OceanFirst Financial by 6.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock worth $18,160,000 after buying an additional 66,868 shares during the period. GSA Capital Partners LLP grew its holdings in shares of OceanFirst Financial by 455.5% during the first quarter. GSA Capital Partners LLP now owns 71,704 shares of the savings and loans company’s stock valued at $1,177,000 after buying an additional 58,795 shares in the last quarter. Finally, Hennessy Advisors Inc. raised its position in OceanFirst Financial by 36.7% during the fourth quarter. Hennessy Advisors Inc. now owns 205,000 shares of the savings and loans company’s stock valued at $3,559,000 after buying an additional 55,000 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and set a $18.00 price target (down from $19.00) on shares of OceanFirst Financial in a report on Friday, May 31st. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $18.00.

OceanFirst Financial Trading Up 0.4 %

NASDAQ:OCFC opened at $17.19 on Thursday. 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 $1.01 billion, a P/E ratio of 10.05 and a beta of 1.01. The stock’s 50 day moving average price is $17.01 and its 200 day moving average price is $15.84. OceanFirst Financial Corp. has a 52 week low of $12.01 and a 52 week high of $18.96.

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 business 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 last year, the company earned $0.46 EPS. On average, research analysts forecast that OceanFirst Financial Corp. will post 1.58 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.65%. The ex-dividend date of this dividend was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is 46.78%.

OceanFirst Financial Company 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.