Peregrine Capital Management LLC cut its stake in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 0.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 348,323 shares of the savings and loans company’s stock after selling 1,800 shares during the period. Peregrine Capital Management LLC owned about 0.68% of OceanFirst Financial worth $8,656,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the business. Amundi Pioneer Asset Management Inc. purchased a new position in OceanFirst Financial during the fourth quarter worth about $108,000. SG Americas Securities LLC acquired a new stake in shares of OceanFirst Financial during the 1st quarter valued at approximately $191,000. Legal & General Group Plc raised its position in shares of OceanFirst Financial by 12.7% during the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after acquiring an additional 934 shares in the last quarter. Sciencast Management LP acquired a new stake in shares of OceanFirst Financial during the 1st quarter valued at approximately $228,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of OceanFirst Financial by 451.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 9,888 shares of the savings and loans company’s stock valued at $238,000 after acquiring an additional 8,095 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.
OCFC has been the topic of several analyst reports. Boenning Scattergood reaffirmed a “hold” rating on shares of OceanFirst Financial in a research report on Monday, April 29th. BidaskClub lowered OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, June 24th. DA Davidson reaffirmed a “buy” rating on shares of OceanFirst Financial in a research report on Tuesday. Keefe, Bruyette & Woods lowered OceanFirst Financial from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $29.00 to $26.50 in a research report on Monday. Finally, Zacks Investment Research lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $27.17.
OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). OceanFirst Financial had a return on equity of 9.69% and a net margin of 27.15%. The firm had revenue of $74.72 million for the quarter, compared to analyst estimates of $77.38 million. On average, research analysts forecast that OceanFirst Financial Corp. will post 2.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.80%. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. OceanFirst Financial’s payout ratio is presently 34.34%.
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.
Featured Story: What is Considered a Good Return on Equity (ROE)?
Want to see what other hedge funds are holding OCFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OceanFirst Financial Corp. (NASDAQ:OCFC).
Receive News & Ratings for OceanFirst Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OceanFirst Financial and related companies with MarketBeat.com's FREE daily email newsletter.