OceanFirst Financial Corp. (NASDAQ:OCFC) Shares Sold by Algert Global LLC

Algert Global LLC lowered its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 13.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,722 shares of the savings and loans company’s stock after selling 6,570 shares during the quarter. Algert Global LLC owned about 0.07% of OceanFirst Financial worth $776,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in OCFC. Cerity Partners LLC grew its holdings in OceanFirst Financial by 4.7% in the 3rd quarter. Cerity Partners LLC now owns 41,905 shares of the savings and loans company’s stock worth $779,000 after buying an additional 1,890 shares in the last quarter. John G Ullman & Associates Inc. lifted its position in OceanFirst Financial by 12.6% in the third quarter. John G Ullman & Associates Inc. now owns 25,100 shares of the savings and loans company’s stock worth $467,000 after purchasing an additional 2,800 shares during the period. Foundry Partners LLC lifted its holdings in shares of OceanFirst Financial by 8.5% in the third quarter. Foundry Partners LLC now owns 14,564 shares of the savings and loans company’s stock valued at $271,000 after buying an additional 1,145 shares during the period. Intech Investment Management LLC acquired a new stake in OceanFirst Financial in the 3rd quarter valued at about $192,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in OceanFirst Financial by 28.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 63,539 shares of the savings and loans company’s stock worth $1,181,000 after buying an additional 14,199 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $20.68 on Friday. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 11.82 and a beta of 1.01. OceanFirst Financial Corp. has a 1-year low of $13.68 and a 1-year high of $21.87. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. The stock’s fifty day simple moving average is $19.03 and its 200-day simple moving average is $17.25.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, October 17th. The savings and loans company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $96.90 million for the quarter, compared to the consensus estimate of $92.79 million. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%. On average, sell-side analysts predict that OceanFirst Financial Corp. will post 1.59 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Monday, November 4th were given a $0.20 dividend. The ex-dividend date was Monday, November 4th. This represents a $0.80 dividend on an annualized basis and a yield of 3.87%. OceanFirst Financial’s payout ratio is 45.71%.

Insider Buying and Selling at OceanFirst Financial

In other OceanFirst Financial news, Director Joseph M. Jr. Murphy sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $20.03, for a total value of $30,045.00. Following the completion of the sale, the director now directly owns 177,417 shares of the company’s stock, valued at $3,553,662.51. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on OCFC. Piper Sandler set a $17.00 price target on OceanFirst Financial and gave the company a “neutral” rating in a report on Friday, October 18th. DA Davidson upped their target price on OceanFirst Financial from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Finally, Hovde Group lifted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $19.75.

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.