OceanFirst Financial (NASDAQ:OCFC) Stock: Insider Nicos Katsoulis Buys 10,000 Shares

OceanFirst Financial Corp. (NASDAQ:OCFC) Director Nicos Katsoulis purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The stock was purchased at an average price of $17.83 per share, with a total value of $178,300.00. Following the purchase, the director directly owned 41,096 shares of the company’s stock, valued at $732,741.68. The trade was a 32.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

OceanFirst Financial Stock Up 4.2%

Shares of OCFC traded up $0.76 during midday trading on Monday, reaching $18.70. The stock had a trading volume of 308,701 shares, compared to its average volume of 913,059. OceanFirst Financial Corp. has a 1-year low of $15.60 and a 1-year high of $20.61. The company’s fifty day simple moving average is $17.49 and its two-hundred day simple moving average is $18.47. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 25.97 and a beta of 1.01. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.92.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.40 by $0.08. The firm had revenue of $185.13 million for the quarter, compared to analyst estimates of $177.79 million. OceanFirst Financial had a return on equity of 6.55% and a net margin of 5.28%. Equities research analysts expect that OceanFirst Financial Corp. will post 1.79 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Monday, November 9th. OceanFirst Financial’s payout ratio is currently 111.11%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings lowered shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Piper Sandler dropped their price objective on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Four investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, OceanFirst Financial currently has an average rating of “Hold” and an average price target of $19.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio acquired a new stake in shares of OceanFirst Financial during the second quarter worth about $25,000. Northwestern Mutual Wealth Management Co. purchased a new stake in OceanFirst Financial during the 2nd quarter valued at approximately $27,000. Nykredit A S acquired a new stake in OceanFirst Financial during the 2nd quarter worth approximately $30,000. GAMMA Investing LLC grew its stake in shares of OceanFirst Financial by 174.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,918 shares of the savings and loans company’s stock valued at $37,000 after purchasing an additional 1,220 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of OceanFirst Financial by 62.7% in the third quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company’s stock valued at $62,000 after purchasing an additional 1,458 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.