Private Capital Management LLC Has $7.73 Million Stake in OceanFirst Financial Corp. (NASDAQ:OCFC)
Private Capital Management LLC trimmed its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 4.9% in the 1st quarter, HoldingsChannel reports. The firm owned 321,171 shares of the savings and loans company’s stock after selling 16,570 shares during the period. Private Capital Management LLC’s holdings in OceanFirst Financial were worth $7,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. purchased a new stake in OceanFirst Financial in the 4th quarter worth $25,000. PNC Financial Services Group Inc. purchased a new position in shares of OceanFirst Financial during the first quarter valued at about $77,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of OceanFirst Financial during the fourth quarter valued at about $108,000. Great West Life Assurance Co. Can grew its position in shares of OceanFirst Financial by 57.6% during the first quarter. Great West Life Assurance Co. Can now owns 6,195 shares of the savings and loans company’s stock valued at $148,000 after purchasing an additional 2,263 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of OceanFirst Financial by 12.7% during the fourth quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after purchasing an additional 934 shares in the last quarter. Hedge funds and other institutional investors own 68.81% of the company’s stock.
Shares of NASDAQ:OCFC traded down $0.10 during trading on Friday, reaching $24.04. The company’s stock had a trading volume of 4,795 shares, compared to its average volume of 126,385. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. OceanFirst Financial Corp. has a 12 month low of $21.30 and a 12 month high of $30.90. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.12 and a beta of 0.75.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Monday, May 6th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend was Friday, May 3rd. OceanFirst Financial’s payout ratio is 34.34%.
In related news, EVP Joseph R. Iantosca sold 3,000 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $25.25, for a total value of $75,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.60% of the stock is currently owned by company insiders.
A number of research analysts have recently weighed in on OCFC shares. ValuEngine lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Boenning Scattergood downgraded shares of OceanFirst Financial from an “outperform” rating to a “neutral” rating in a report on Monday, March 4th. BidaskClub raised shares of OceanFirst Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, March 19th. Zacks Investment Research downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Wednesday, April 17th. Finally, FIG Partners reaffirmed an “outperform” rating on shares of OceanFirst Financial in a report on Monday, April 29th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.75.
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OceanFirst Financial 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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