OceanFirst Financial Corp. (OCFC) Short Interest Down 34.8% in February
OceanFirst Financial Corp. (NASDAQ:OCFC) was the recipient of a large drop in short interest in the month of February. As of February 15th, there was short interest totalling 1,108,330 shares, a drop of 34.8% from the January 31st total of 1,699,054 shares. Based on an average trading volume of 254,572 shares, the short-interest ratio is presently 4.4 days. Approximately 4.3% of the company’s shares are sold short.
A number of brokerages have weighed in on OCFC. BidaskClub upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 11th. Piper Jaffray Companies restated a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial in a research note on Monday, February 12th. Zacks Investment Research upgraded OceanFirst Financial from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Thursday, February 1st. Keefe, Bruyette & Woods restated a “buy” rating and issued a $37.00 target price on shares of OceanFirst Financial in a research note on Friday, December 22nd. Finally, ValuEngine downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. OceanFirst Financial has an average rating of “Buy” and an average target price of $31.83.
In other OceanFirst Financial news, Director Steven E. Brady sold 20,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.02, for a total transaction of $520,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Angelo Catania sold 1,505 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.47, for a total value of $39,837.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,995 shares of company stock valued at $732,065. Company insiders own 7.00% of the company’s stock.
Shares of OceanFirst Financial (NASDAQ:OCFC) opened at $26.73 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $1,300.00, a PE ratio of 19.23, a PEG ratio of 1.34 and a beta of 0.57. OceanFirst Financial has a 12 month low of $24.02 and a 12 month high of $29.51.
OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, January 25th. The savings and loans company reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The company had revenue of $49.25 million during the quarter, compared to the consensus estimate of $50.52 million. OceanFirst Financial had a return on equity of 9.54% and a net margin of 19.67%. analysts anticipate that OceanFirst Financial will post 1.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Monday, February 5th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $0.60 annualized dividend and a dividend yield of 2.24%. OceanFirst Financial’s dividend payout ratio is presently 43.17%.
About OceanFirst Financial
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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