American International Group Inc. Reduces Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)


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American International Group Inc. lowered its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,484 shares of the savings and loans company’s stock after selling 989 shares during the period. American International Group Inc. owned approximately 0.06% of OceanFirst Financial worth $642,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in OCFC. First Trust Advisors LP boosted its position in shares of OceanFirst Financial by 18.2% during the first quarter. First Trust Advisors LP now owns 60,687 shares of the savings and loans company’s stock valued at $1,460,000 after buying an additional 9,365 shares during the period. Morgan Stanley boosted its position in shares of OceanFirst Financial by 42.4% during the third quarter. Morgan Stanley now owns 124,940 shares of the savings and loans company’s stock valued at $1,711,000 after buying an additional 37,219 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of OceanFirst Financial during the third quarter valued at approximately $1,346,000. Cubist Systematic Strategies LLC boosted its position in shares of OceanFirst Financial by 9.6% during the third quarter. Cubist Systematic Strategies LLC now owns 27,352 shares of the savings and loans company’s stock valued at $374,000 after buying an additional 2,407 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of OceanFirst Financial during the third quarter valued at approximately $138,000. Institutional investors and hedge funds own 65.33% of the company’s stock.

Shares of NASDAQ:OCFC opened at $23.56 on Thursday. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of 24.80 and a beta of 0.98. OceanFirst Financial Corp. has a 52 week low of $12.88 and a 52 week high of $25.76. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average of $23.36 and a 200 day moving average of $18.73.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Wednesday, January 27th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The business had revenue of $93.98 million during the quarter, compared to the consensus estimate of $92.22 million. OceanFirst Financial had a return on equity of 5.38% and a net margin of 13.14%. On average, sell-side analysts expect that OceanFirst Financial Corp. will post 1.2 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 19th. Investors of record on Monday, February 8th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Friday, February 5th. OceanFirst Financial’s dividend payout ratio (DPR) is 32.85%.

In related news, CAO Michele B. Estep sold 1,291 shares of the business’s stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $23.11, for a total value of $29,835.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony Giordano III sold 1,451 shares of OceanFirst Financial stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $23.11, for a total transaction of $33,532.61. The disclosure for this sale can be found here. Insiders sold 30,637 shares of company stock valued at $636,721 in the last three months. 3.80% of the stock is currently owned by insiders.

OCFC has been the subject of several recent analyst reports. DA Davidson upgraded OceanFirst Financial from a “neutral” rating to a “buy” rating and boosted their target price for the company from $17.00 to $24.00 in a research report on Thursday, December 17th. Raymond James lifted their price target on shares of OceanFirst Financial from $19.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 7th. Zacks Investment Research downgraded shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Wednesday. TheStreet raised shares of OceanFirst Financial from a “c” rating to a “b” rating in a research note on Friday, January 29th. Finally, Seaport Global Securities started coverage on shares of OceanFirst Financial in a research note on Tuesday, March 30th. They set a “buy” rating and a $28.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $22.83.

OceanFirst Financial Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. The company accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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Institutional Ownership by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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