Addison Capital Co Sells 7,422 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Addison Capital Co lowered its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 149,057 shares of the savings and loans company’s stock after selling 7,422 shares during the period. OceanFirst Financial comprises 1.1% of Addison Capital Co’s holdings, making the stock its 28th largest position. Addison Capital Co owned 0.25% of OceanFirst Financial worth $2,771,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of OceanFirst Financial in the 2nd quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new stake in shares of OceanFirst Financial during the first quarter worth $39,000. Meeder Asset Management Inc. acquired a new stake in shares of OceanFirst Financial during the second quarter worth $62,000. EMC Capital Management acquired a new stake in shares of OceanFirst Financial during the first quarter worth $150,000. Finally, ProShare Advisors LLC bought a new stake in OceanFirst Financial in the 1st quarter valued at $172,000. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Hovde Group lifted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, OceanFirst Financial presently has a consensus rating of “Hold” and a consensus price target of $18.90.

OceanFirst Financial Stock Up 1.6 %

OceanFirst Financial stock opened at $19.46 on Friday. 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 Corp. has a 1-year low of $12.01 and a 1-year high of $19.49. The company has a fifty day simple moving average of $17.54 and a 200 day simple moving average of $16.32. The company has a market cap of $1.14 billion, a P/E ratio of 11.38 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, July 18th. The savings and loans company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The company had revenue of $170.41 million during the quarter, compared to the consensus estimate of $94.93 million. During the same quarter in the previous year, the business earned $0.46 EPS. Research analysts anticipate that OceanFirst Financial Corp. will post 1.58 earnings per share for the current fiscal year.

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.