OceanFirst Financial (NASDAQ:OCFC) Stock Price Down 5.8% – Time to Sell?

by · The Cerbat Gem

OceanFirst Financial Corp. (NASDAQ:OCFC – Get Free Report) shares were down 5.8% on Monday . The company traded as low as $17.97 and last traded at $17.99. Approximately 156,847 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 308,028 shares. The stock had previously closed at $19.10.

Wall Street Analyst Weigh In

OCFC has been the subject of a number of research reports. Piper Sandler set a $17.00 price target on shares of OceanFirst Financial and gave the stock a “neutral” rating in a research note on Friday, October 18th. Hovde Group upped their target price on shares of OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.30.

View Our Latest Stock Analysis on OCFC

OceanFirst Financial Trading Up 0.1 %

The stock has a market capitalization of $1.07 billion, a P/E ratio of 10.62 and a beta of 1.01. The stock’s fifty day moving average price is $17.75 and its two-hundred day moving average price is $16.40. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74.

OceanFirst Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Monday, November 4th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend is Monday, November 4th. OceanFirst Financial’s dividend payout ratio is presently 46.78%.

Hedge Funds Weigh In On OceanFirst Financial

Several institutional investors and hedge funds have recently bought and sold shares of OCFC. American Century Companies Inc. grew its holdings in shares of OceanFirst Financial by 20.8% in the second quarter. American Century Companies Inc. now owns 956,320 shares of the savings and loans company’s stock worth $15,196,000 after purchasing an additional 164,626 shares during the last quarter. AQR Capital Management LLC increased its position in shares of OceanFirst Financial by 24.4% in the second quarter. AQR Capital Management LLC now owns 807,280 shares of the savings and loans company’s stock valued at $12,828,000 after acquiring an additional 158,590 shares during the period. Vanguard Group Inc. raised its stake in shares of OceanFirst Financial by 3.1% during the first quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company’s stock valued at $57,027,000 after acquiring an additional 105,764 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of OceanFirst Financial by 32.6% during the second quarter. Thrivent Financial for Lutherans now owns 272,243 shares of the savings and loans company’s stock worth $4,326,000 after purchasing an additional 66,918 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of OceanFirst Financial by 6.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock worth $18,160,000 after purchasing an additional 66,868 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

About OceanFirst Financial

(Get Free Report)

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.

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