OceanFirst Financial Corp. (NASDAQ:OCFC) Director John R. Garbarino sold 15,000 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $26.31, for a total transaction of $394,650.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) traded down 0.19% on Thursday, reaching $26.35. 118,360 shares of the company’s stock were exchanged. The firm has a market cap of $840.57 million, a PE ratio of 23.63 and a beta of 0.59. The company has a 50 day moving average price of $27.46 and a 200 day moving average price of $27.71. OceanFirst Financial Corp. has a one year low of $17.50 and a one year high of $30.70.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Stockholders of record on Monday, May 8th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.28%. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, May 4th. OceanFirst Financial Corp.’s dividend payout ratio is 61.22%.
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Several hedge funds have recently modified their holdings of the company. Legal & General Group Plc boosted its stake in shares of 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 period. Quantum Capital Management LLC NJ bought a new stake in OceanFirst Financial Corp. during the third quarter valued at $201,000. AQR Capital Management LLC bought a new stake in OceanFirst Financial Corp. during the fourth quarter valued at $205,000. UBS Asset Management Americas Inc. bought a new stake in OceanFirst Financial Corp. during the first quarter valued at $228,000. Finally, First Republic Investment Management Inc. bought a new stake in OceanFirst Financial Corp. during the fourth quarter valued at $300,000. 55.62% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on the stock. Sandler O’Neill downgraded shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research note on Monday, January 30th. Zacks Investment Research downgraded shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, February 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd.
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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