JPMorgan Chase & Co. Has $15.52 Million Holdings in OceanFirst Financial Corp. $OCFC

JPMorgan Chase & Co. lowered its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 12.1% in the second quarter, Holdings Channel.com reports. The firm owned 881,504 shares of the savings and loans company’s stock after selling 121,490 shares during the period. JPMorgan Chase & Co.’s holdings in OceanFirst Financial were worth $15,523,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP lifted its holdings in shares of OceanFirst Financial by 132.3% in the first quarter. Quarry LP now owns 7,325 shares of the savings and loans company’s stock valued at $125,000 after purchasing an additional 4,172 shares in the last quarter. EMC Capital Management raised its position in OceanFirst Financial by 8.7% in the 2nd quarter. EMC Capital Management now owns 9,952 shares of the savings and loans company’s stock valued at $175,000 after buying an additional 800 shares during the last quarter. Aigen Investment Management LP purchased a new stake in OceanFirst Financial in the 1st quarter valued at $175,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in OceanFirst Financial by 25.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,132 shares of the savings and loans company’s stock valued at $223,000 after acquiring an additional 2,696 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in OceanFirst Financial by 13.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 13,283 shares of the savings and loans company’s stock worth $234,000 after acquiring an additional 1,594 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Zacks Research raised shares of OceanFirst Financial from a “strong sell” rating to a “hold” rating in a research report on Monday, October 27th. Keefe, Bruyette & Woods raised shares of OceanFirst Financial from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a research report on Friday, October 10th. DA Davidson started coverage on OceanFirst Financial in a research note on Monday, October 27th. They issued a “buy” rating and a $19.00 target price on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $23.00 price target (up from $21.00) on shares of OceanFirst Financial in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of OceanFirst Financial in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, OceanFirst Financial currently has an average rating of “Moderate Buy” and an average price target of $21.60.

OceanFirst Financial Trading Down 0.8%

Shares of OCFC stock opened at $19.33 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.17. The firm has a market cap of $1.11 billion, a P/E ratio of 14.98 and a beta of 1.10. The company has a 50 day moving average of $18.28 and a 200-day moving average of $17.86. OceanFirst Financial Corp. has a 12-month low of $14.29 and a 12-month high of $20.57.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Wednesday, June 14th. The savings and loans company reported $0.49 EPS for the quarter. OceanFirst Financial had a return on equity of 5.02% and a net margin of 11.77%.The business had revenue of $93.08 million for the quarter. Sell-side analysts anticipate that OceanFirst Financial Corp. will post 1.6 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Monday, November 3rd were paid a dividend of $0.20 per share. The ex-dividend date was Monday, November 3rd. This represents a $0.80 annualized dividend and a dividend yield of 4.1%. OceanFirst Financial’s dividend payout ratio is presently 62.02%.

OceanFirst Financial Company Profile

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