OceanFirst Financial Corp. (NASDAQ:OCFC) was the recipient of a significant growth in short interest in July. As of July 14th, there was short interest totalling 933,189 shares, a growth of 24.2% from the June 30th total of 751,639 shares. Based on an average trading volume of 92,276 shares, the short-interest ratio is currently 10.1 days. Currently, 3.3% of the company’s shares are sold short.
Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 24.51 on Friday. OceanFirst Financial Corp. has a one year low of $18.99 and a one year high of $30.70. The firm has a market capitalization of $787.31 million, a price-to-earnings ratio of 21.18 and a beta of 0.62. The stock has a 50 day moving average of $26.64 and a 200-day moving average of $27.61.
The company also recently announced a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were given a dividend of $0.15 per share. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, August 3rd. OceanFirst Financial Corp.’s payout ratio is presently 51.72%.
OceanFirst Financial Corp. announced that its board has initiated a stock repurchase plan on Thursday, April 27th that authorizes the company to repurchase 1,600,000 outstanding shares. This repurchase authorization authorizes the savings and loans company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
OCFC has been the subject of several research reports. BidaskClub cut shares of OceanFirst Financial Corp. from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Zacks Investment Research raised shares of OceanFirst Financial Corp. from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $32.00 price target on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd.
In other news, Director Donald E. Mclaughlin sold 3,000 shares of OceanFirst Financial Corp. stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $26.74, for a total transaction of $80,220.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph Lebel III sold 10,125 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $26.39, for a total transaction of $267,198.75. The disclosure for this sale can be found here. Insiders have sold 48,175 shares of company stock valued at $1,274,196 in the last ninety days. Insiders own 11.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Sei Investments Co. raised its stake in OceanFirst Financial Corp. by 80.5% in the second quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock valued at $102,000 after buying an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in OceanFirst Financial Corp. by 2,366.3% in the second quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock valued at $107,000 after buying an additional 3,786 shares during the last quarter. Legal & General Group Plc raised its stake in OceanFirst Financial Corp. by 6.8% in the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock valued at $184,000 after buying an additional 418 shares during the last quarter. AQR Capital Management LLC acquired a new stake in OceanFirst Financial Corp. during the fourth quarter valued at $205,000. Finally, UBS Asset Management Americas Inc. acquired a new stake in OceanFirst Financial Corp. during the first quarter valued at $228,000. 66.76% of the stock is currently owned by hedge funds and other institutional investors.
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OceanFirst Financial Corp. Company Profile
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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