Wellington Management Group LLP Raises Holdings in OceanFirst Financial Corp. $OCFC

Wellington Management Group LLP lifted its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 58.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,114,069 shares of the savings and loans company’s stock after acquiring an additional 1,518,636 shares during the quarter. Wellington Management Group LLP owned 4.26% of OceanFirst Financial worth $80,348,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Byrne Asset Management LLC increased its holdings in OceanFirst Financial by 7.0% during the second quarter. Byrne Asset Management LLC now owns 9,230 shares of the savings and loans company’s stock valued at $180,000 after buying an additional 600 shares during the last quarter. Royal Bank of Canada raised its holdings in OceanFirst Financial by 1.3% in the 1st quarter. Royal Bank of Canada now owns 49,065 shares of the savings and loans company’s stock worth $885,000 after purchasing an additional 608 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in OceanFirst Financial by 7.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock valued at $181,000 after purchasing an additional 673 shares in the last quarter. Quantinno Capital Management LP lifted its position in OceanFirst Financial by 2.4% during the first quarter. Quantinno Capital Management LP now owns 29,567 shares of the savings and loans company’s stock valued at $533,000 after purchasing an additional 692 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in OceanFirst Financial by 4.5% during the second quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock valued at $362,000 after purchasing an additional 885 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

OceanFirst Financial Stock Up 3.0%

Shares of NASDAQ OCFC opened at $19.09 on Thursday. The firm’s 50-day moving average price is $19.34 and its 200-day moving average price is $18.79. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 22.46 and a beta of 0.98. OceanFirst Financial Corp. has a 12-month low of $17.05 and a 12-month high of $20.61.

OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 EPS for the quarter, hitting analysts’ consensus estimates of $0.43. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%.The firm had revenue of $131.33 million during the quarter, compared to analysts’ expectations of $135.62 million. On average, equities research analysts anticipate that OceanFirst Financial Corp. will post 1.81 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Monday, August 10th. OceanFirst Financial’s dividend payout ratio (DPR) is 94.12%.

Insider Transactions at OceanFirst Financial

In related news, EVP Brian Schaeffer sold 5,500 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $18.91, for a total value of $104,005.00. Following the sale, the executive vice president directly owned 83,068 shares of the company’s stock, valued at $1,570,815.88. This represents a 6.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John R. Buran sold 113,463 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $19.40, for a total transaction of $2,201,182.20. The disclosure for this sale is available in the SEC filing. 5.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OCFC has been the subject of a number of analyst reports. Piper Sandler reissued a “neutral” rating and issued a $21.00 price objective (up from $19.00) on shares of OceanFirst Financial in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $21.50.

About OceanFirst Financial

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.