CIBC Private Wealth Group LLC Sells 1,563 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

CIBC Private Wealth Group LLC trimmed its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 13.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,870 shares of the savings and loans company’s stock after selling 1,563 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in OceanFirst Financial were worth $178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc lifted its holdings in OceanFirst Financial by 1,036.4% in the fourth quarter. Versant Capital Management Inc now owns 1,466 shares of the savings and loans company’s stock valued at $27,000 after acquiring an additional 1,337 shares during the period. Point72 DIFC Ltd bought a new position in shares of OceanFirst Financial in the 3rd quarter worth approximately $41,000. Venturi Wealth Management LLC purchased a new position in shares of OceanFirst Financial in the fourth quarter worth approximately $65,000. Global Retirement Partners LLC grew its position in OceanFirst Financial by 1,009.6% during the fourth quarter. Global Retirement Partners LLC now owns 5,548 shares of the savings and loans company’s stock valued at $100,000 after buying an additional 5,048 shares during the period. Finally, EMC Capital Management increased its holdings in OceanFirst Financial by 6,001.3% during the fourth quarter. EMC Capital Management now owns 9,152 shares of the savings and loans company’s stock valued at $166,000 after buying an additional 9,002 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

OceanFirst Financial Price Performance

NASDAQ:OCFC opened at $15.07 on Monday. The business’s 50-day simple moving average is $17.50 and its two-hundred day simple moving average is $18.40. The stock has a market cap of $882.45 million, a PE ratio of 9.13 and a beta of 0.94. OceanFirst Financial Corp. has a 52 week low of $14.03 and a 52 week high of $21.87. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.79.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, January 23rd. The savings and loans company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. OceanFirst Financial had a net margin of 14.45% and a return on equity of 5.75%. As a group, analysts forecast that OceanFirst Financial Corp. will post 1.6 EPS for the current fiscal year.

OceanFirst Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $0.20 per share. The ex-dividend date was Monday, February 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.31%. OceanFirst Financial’s payout ratio is 48.48%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OCFC. Raymond James cut their price objective on shares of OceanFirst Financial from $24.00 to $21.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Stephens reissued an “equal weight” rating and set a $22.00 price target on shares of OceanFirst Financial in a report on Friday, January 24th. Finally, Hovde Group decreased their price objective on OceanFirst Financial from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday, January 27th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.00.

OceanFirst Financial 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.