OceanFirst Financial (NASDAQ:OCFC) Hits New 52-Week High – Here’s What Happened

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) reached a new 52-week high during trading on Tuesday . The stock traded as high as $19.07 and last traded at $19.07, with a volume of 39797 shares changing hands. The stock had previously closed at $18.43.

Analyst Upgrades and Downgrades

Separately, Hovde Group lifted their price target on shares of OceanFirst Financial from $19.50 to $21.50 and gave the company 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. According to MarketBeat, OceanFirst Financial has a consensus rating of “Hold” and an average price target of $18.90.

OceanFirst Financial Price Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. The company’s fifty day moving average is $17.34 and its two-hundred day moving average is $16.26. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 10.78 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results 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 analyst estimates of $94.93 million. During the same quarter last year, the business posted $0.46 EPS. As a group, research analysts predict that OceanFirst Financial Corp. will post 1.58 earnings per share for the current year.

OceanFirst Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Institutional Trading of OceanFirst Financial

A number of large investors have recently modified their holdings of the stock. Creative Planning increased its holdings in OceanFirst Financial by 3.5% in the third quarter. Creative Planning now owns 41,625 shares of the savings and loans company’s stock valued at $774,000 after buying an additional 1,411 shares during the last quarter. CWM LLC boosted its stake in OceanFirst Financial by 105.6% in the third quarter. CWM LLC now owns 21,639 shares of the savings and loans company’s stock valued at $402,000 after acquiring an additional 11,114 shares in the last quarter. SG Americas Securities LLC boosted its stake in OceanFirst Financial by 44.3% in the third quarter. SG Americas Securities LLC now owns 40,086 shares of the savings and loans company’s stock valued at $745,000 after acquiring an additional 12,309 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in OceanFirst Financial by 54.8% in the second quarter. Point72 Asset Management L.P. now owns 16,255 shares of the savings and loans company’s stock valued at $258,000 after acquiring an additional 5,755 shares in the last quarter. Finally, Algert Global LLC boosted its stake in OceanFirst Financial by 12.6% in the second quarter. Algert Global LLC now owns 48,292 shares of the savings and loans company’s stock valued at $767,000 after acquiring an additional 5,388 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Company 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.