Corbyn Investment Management Inc. MD increased its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 16.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 60,665 shares of the savings and loans company’s stock after purchasing an additional 8,762 shares during the quarter. Corbyn Investment Management Inc. MD owned approximately 0.10% of OceanFirst Financial worth $1,130,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its stake in shares of OceanFirst Financial by 104.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 91,609 shares of the savings and loans company’s stock valued at $1,707,000 after purchasing an additional 46,887 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of OceanFirst Financial in the 3rd quarter valued at approximately $1,346,000. Teton Advisors Inc. lifted its stake in shares of OceanFirst Financial by 33.2% in the 4th quarter. Teton Advisors Inc. now owns 70,640 shares of the savings and loans company’s stock valued at $1,316,000 after purchasing an additional 17,600 shares during the period. Nisa Investment Advisors LLC purchased a new position in shares of OceanFirst Financial in the 4th quarter valued at approximately $61,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in OceanFirst Financial during the third quarter valued at $138,000. Institutional investors own 65.33% of the company’s stock.
Shares of OCFC stock traded down $0.03 during mid-day trading on Tuesday, hitting $21.58. The company’s stock had a trading volume of 1 shares, compared to its average volume of 314,967. OceanFirst Financial Corp. has a 52-week low of $11.60 and a 52-week high of $22.96. The business has a 50-day moving average price of $19.82 and a 200 day moving average price of $17.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.95 and a current ratio of 0.99. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 22.75 and a beta of 0.98.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 19th. Stockholders of record on Monday, February 8th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, February 5th. OceanFirst Financial’s dividend payout ratio is currently 32.85%.
In related news, Director Michael D. Devlin sold 23,000 shares of OceanFirst Financial stock in a transaction on Tuesday, February 9th. The stock was sold at an average price of $20.01, for a total value of $460,230.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.
OCFC has been the subject of a number of recent research reports. DA Davidson upgraded OceanFirst Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $17.00 to $24.00 in a research note on Thursday, December 17th. TheStreet upgraded OceanFirst Financial from a “c” rating to a “b” rating in a research note on Friday, January 29th. Boenning Scattergood upgraded OceanFirst Financial from a “neutral” rating to an “outperform” rating and set a $24.00 price objective for the company in a research note on Monday, February 1st. Raymond James lifted their price objective on OceanFirst Financial from $19.00 to $23.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 7th. Finally, Zacks Investment Research cut OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, February 2nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $21.50.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the 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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