Insider Selling: OceanFirst Financial Corp. (OCFC) Director Sells 46,709 Shares of Stock
OceanFirst Financial Corp. (NASDAQ:OCFC) Director Michael D. Devlin sold 46,709 shares of OceanFirst Financial stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $25.07, for a total value of $1,170,994.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
NASDAQ:OCFC opened at $25.32 on Thursday. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.12 and a beta of 0.76. OceanFirst Financial Corp. has a twelve month low of $21.30 and a twelve month high of $30.90. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.56.
OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings results on Thursday, January 24th. The savings and loans company reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.02). The company had revenue of $70.59 million for the quarter, compared to analyst estimates of $72.11 million. OceanFirst Financial had a return on equity of 9.26% and a net margin of 23.09%. Research analysts forecast that OceanFirst Financial Corp. will post 2.23 EPS for the current fiscal year.
A number of brokerages recently issued reports on OCFC. Zacks Investment Research lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, December 4th. BidaskClub lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 5th. Finally, ValuEngine raised OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Friday, February 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. OceanFirst Financial has an average rating of “Hold” and an average price target of $32.60.
Several large investors have recently bought and sold shares of OCFC. Oppenheimer Asset Management Inc. acquired a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $25,000. GW&K Investment Management LLC acquired a new position in shares of OceanFirst Financial during the 4th quarter worth approximately $238,000. State Board of Administration of Florida Retirement System acquired a new position in shares of OceanFirst Financial during the 3rd quarter worth approximately $257,000. AQR Capital Management LLC acquired a new position in shares of OceanFirst Financial during the 3rd quarter worth approximately $298,000. Finally, Stevens Capital Management LP acquired a new position in shares of OceanFirst Financial during the 3rd quarter worth approximately $345,000. 74.45% of the stock is currently owned by hedge funds and other institutional investors.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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