Northern Trust Corp Has $9.13 Million Position in OceanFirst Financial Corp. $OCFC

Northern Trust Corp lowered its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 3.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 536,733 shares of the savings and loans company’s stock after selling 16,630 shares during the quarter. Northern Trust Corp’s holdings in OceanFirst Financial were worth $9,130,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cary Street Partners Financial LLC acquired a new stake in shares of OceanFirst Financial during the fourth quarter worth about $183,000. Aigen Investment Management LP bought a new position in shares of OceanFirst Financial during the first quarter worth about $175,000. PharVision Advisers LLC bought a new position in shares of OceanFirst Financial during the fourth quarter worth about $192,000. Captrust Financial Advisors grew its holdings in shares of OceanFirst Financial by 8.1% during the fourth quarter. Captrust Financial Advisors now owns 11,728 shares of the savings and loans company’s stock worth $212,000 after buying an additional 882 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of OceanFirst Financial by 25.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,132 shares of the savings and loans company’s stock worth $223,000 after buying an additional 2,696 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Zacks Research downgraded OceanFirst Financial from a “hold” rating to a “strong sell” rating in a report on Monday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, OceanFirst Financial presently has a consensus rating of “Hold” and a consensus price target of $20.67.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $18.34 on Friday. The stock has a 50 day moving average price of $17.84 and a 200 day moving average price of $17.17. OceanFirst Financial Corp. has a 52 week low of $14.29 and a 52 week high of $21.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.00 and a current ratio of 1.01. The stock has a market capitalization of $1.05 billion, a PE ratio of 13.01 and a beta of 1.07.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, July 24th. The savings and loans company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.22%. The company had revenue of $99.37 million for the quarter, compared to analyst estimates of $101.26 million. Analysts predict that OceanFirst Financial Corp. will post 1.6 earnings per share for the current fiscal year.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, August 4th. OceanFirst Financial’s dividend payout ratio (DPR) is presently 56.74%.

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.