OceanFirst Financial Corp. (OCFC) Cut to Sell at Zacks Investment Research
According to Zacks, “OceanFirst Financial Corp. is a holding company for the OceanFirst Bank. “
Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 19.21 on Thursday. OceanFirst Financial Corp. has a 1-year low of $15.98 and a 1-year high of $21.00. The company’s 50-day moving average is $19.47 and its 200 day moving average is $18.64. The firm has a market cap of $431.80 million, a price-to-earnings ratio of 20.12 and a beta of 0.65.
OceanFirst Financial Corp. (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.10. OceanFirst Financial Corp. had a net margin of 15.10% and a return on equity of 8.97%. On average, equities research analysts expect that OceanFirst Financial Corp. will post $1.18 EPS for the current fiscal year.
In other news, Chairman John R. Garbarino sold 160,220 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $19.25, for a total transaction of $3,084,235.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman John R. Garbarino sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $18.84, for a total transaction of $188,400.00. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of OCFC. Wellington Management Group LLP raised its position in OceanFirst Financial Corp. by 8.7% in the first quarter. Wellington Management Group LLP now owns 1,467,595 shares of the company’s stock worth $25,947,000 after buying an additional 117,500 shares during the last quarter. AlphaOne Investment Services LLC purchased a new position in OceanFirst Financial Corp. during the first quarter worth about $1,503,000. Brandes Investment Partners LP raised its position in OceanFirst Financial Corp. by 9.2% in the second quarter. Brandes Investment Partners LP now owns 69,433 shares of the company’s stock worth $1,262,000 after buying an additional 5,873 shares during the last quarter. Patriot Financial Partners GP LP purchased a new position in OceanFirst Financial Corp. during the second quarter worth about $8,560,000. Finally, GSA Capital Partners LLP purchased a new position in OceanFirst Financial Corp. during the second quarter worth about $687,000. Institutional investors and hedge funds own 60.77% of the company’s stock.
About OceanFirst Financial Corp.
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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