LPL Financial LLC increased its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 4.7% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 15,581 shares of the savings and loans company’s stock after purchasing an additional 699 shares during the period. LPL Financial LLC’s holdings in OceanFirst Financial were worth $351,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new stake in OceanFirst Financial in the 4th quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new stake in OceanFirst Financial in the 4th quarter worth approximately $238,000. AQR Capital Management LLC purchased a new stake in OceanFirst Financial in the 3rd quarter worth approximately $298,000. Stevens Capital Management LP purchased a new stake in OceanFirst Financial in the 3rd quarter worth approximately $345,000. Finally, Jane Street Group LLC purchased a new stake in OceanFirst Financial in the 3rd quarter worth approximately $372,000. 70.04% of the stock is currently owned by institutional investors and hedge funds.
OCFC stock traded down $0.32 on Friday, reaching $24.62. 73,218 shares of the company traded hands, compared to its average volume of 126,451. OceanFirst Financial Corp. has a one year low of $21.30 and a one year high of $30.90. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.54. The firm has a market cap of $1.27 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.13 and a beta of 0.75.
In related news, insider Grace Vallacchi sold 1,700 shares of OceanFirst Financial stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $24.75, for a total value of $42,075.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael D. Devlin sold 46,709 shares of OceanFirst Financial stock in a transaction on Monday, February 11th. The stock was sold at an average price of $25.07, for a total value of $1,170,994.63. The disclosure for this sale can be found here. Insiders sold 53,884 shares of company stock valued at $1,350,695 in the last ninety days. 3.80% of the stock is currently owned by corporate insiders.
Several equities research analysts have weighed in on OCFC shares. Boenning Scattergood cut OceanFirst Financial from an “outperform” rating to a “neutral” rating in a report on Monday, March 4th. BidaskClub upgraded OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 9th. ValuEngine cut OceanFirst Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Finally, Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, December 25th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $32.60.
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About OceanFirst Financial
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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