SG Americas Securities LLC Invests $165,000 in OceanFirst Financial Corp. (OCFC)
SG Americas Securities LLC bought a new stake in OceanFirst Financial Corp. (NASDAQ:OCFC) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,992 shares of the savings and loans company’s stock, valued at approximately $165,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC acquired a new stake in OceanFirst Financial during the 2nd quarter worth about $6,326,000. Lord Abbett & CO. LLC grew its position in OceanFirst Financial by 303.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock worth $8,118,000 after purchasing an additional 225,211 shares during the period. Renaissance Technologies LLC grew its position in OceanFirst Financial by 10.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,332,791 shares of the savings and loans company’s stock worth $36,145,000 after purchasing an additional 131,100 shares during the period. Goldman Sachs Group Inc. grew its position in OceanFirst Financial by 16.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 902,624 shares of the savings and loans company’s stock worth $24,479,000 after purchasing an additional 127,888 shares during the period. Finally, State Street Corp grew its position in OceanFirst Financial by 23.8% during the 2nd quarter. State Street Corp now owns 581,074 shares of the savings and loans company’s stock worth $15,758,000 after purchasing an additional 111,891 shares during the period. 70.93% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Steven E. Brady sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the sale, the director now directly owns 72,562 shares in the company, valued at approximately $2,006,339.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.00% of the stock is owned by company insiders.
OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.45. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. The firm had revenue of $50.42 million for the quarter, compared to analysts’ expectations of $50.41 million. analysts predict that OceanFirst Financial Corp. will post 1.7 earnings per share for the current fiscal year.
Several brokerages have weighed in on OCFC. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $37.00 price target on shares of OceanFirst Financial in a research report on Friday. Hovde Group began coverage on OceanFirst Financial in a research report on Monday, October 9th. They set an “outperform” rating and a $32.00 price target on the stock. Zacks Investment Research downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub raised OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research report on Friday. Finally, DA Davidson began coverage on OceanFirst Financial in a research report on Thursday, September 21st. They set a “buy” rating and a $31.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. OceanFirst Financial currently has an average rating of “Buy” and a consensus price target of $31.83.
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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