Oconee Federal Financial (NASDAQ:OFED) Sees Large Decrease in Short Interest

Oconee Federal Financial (NASDAQ:OFED) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 8,300 shares, a drop of 15.3% from the July 31st total of 9,800 shares. Approximately 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,800 shares, the days-to-cover ratio is currently 1.7 days.

Separately, TheStreet downgraded Oconee Federal Financial from a “b-” rating to a “c+” rating in a research report on Monday, June 10th.

A hedge fund recently raised its stake in Oconee Federal Financial stock. Deutsche Bank AG boosted its holdings in shares of Oconee Federal Financial (NASDAQ:OFED) by 27.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,370 shares of the savings and loans company’s stock after purchasing an additional 504 shares during the period. Deutsche Bank AG’s holdings in Oconee Federal Financial were worth $58,000 as of its most recent SEC filing. 3.46% of the stock is owned by hedge funds and other institutional investors.

OFED stock traded up $0.26 during midday trading on Friday, reaching $21.66. 600 shares of the company’s stock traded hands, compared to its average volume of 3,174. The company has a 50-day simple moving average of $23.10 and a two-hundred day simple moving average of $24.45. Oconee Federal Financial has a 1-year low of $21.65 and a 1-year high of $27.49. The company has a market cap of $124.82 million, a price-to-earnings ratio of 34.46 and a beta of 0.16. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.22.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, August 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.85%.

About Oconee Federal Financial

Oconee Federal Financial Corp. operates as a holding company for Oconee Federal Savings and Loan Association that provides various banking products and services in the Oconee County area of northwestern South Carolina and the northeast area of Georgia. The company's deposit products include demand, NOW, money market, savings, certificates of deposit, and individual retirement accounts.

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