Commonwealth Equity Services LLC Has $853,000 Stock Holdings in OceanFirst Financial Corp. (NASDAQ:OCFC)

Commonwealth Equity Services LLC lessened its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC) by 8.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 53,695 shares of the savings and loans company’s stock after selling 4,981 shares during the quarter. Commonwealth Equity Services LLC’s holdings in OceanFirst Financial were worth $853,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its holdings in shares of OceanFirst Financial by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock worth $303,000 after buying an additional 1,016 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of OceanFirst Financial during the second quarter worth approximately $25,000. Acadian Asset Management LLC acquired a new stake in shares of OceanFirst Financial during the first quarter worth approximately $39,000. Addison Capital Co increased its holdings in shares of OceanFirst Financial by 1.7% during the second quarter. Addison Capital Co now owns 156,479 shares of the savings and loans company’s stock worth $2,486,000 after buying an additional 2,655 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of OceanFirst Financial by 8.5% during the second quarter. Principal Financial Group Inc. now owns 35,758 shares of the savings and loans company’s stock worth $568,000 after buying an additional 2,794 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

OceanFirst Financial Stock Down 0.1 %

Shares of OCFC stock opened at $18.13 on Thursday. 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 1 year low of $12.01 and a 1 year high of $18.97. The firm’s fifty day moving average price is $17.22 and its two-hundred day moving average price is $15.93. The firm has a market capitalization of $1.06 billion, a P/E ratio of 10.60 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 analysts’ consensus estimates of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The firm had revenue of $170.41 million during the quarter, compared to the consensus estimate of $94.93 million. During the same period last year, the business earned $0.46 EPS. On average, equities analysts predict 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. Investors of record on Monday, August 5th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.41%. The ex-dividend date was Monday, August 5th. OceanFirst Financial’s payout ratio is 46.78%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $18.00 price target (down from $19.00) on shares of OceanFirst Financial in a research note on Friday, May 31st. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.25.

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.