OceanFirst Financial Corp. (NASDAQ:OCFC) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 2.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 400,270 shares of the savings and loans company’s stock after selling 9,174 shares during the period. Wedge Capital Management L L P NC’s holdings in OceanFirst Financial were worth $9,947,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in OCFC. Pwmco LLC grew its position in OceanFirst Financial by 275.1% during the first quarter. Pwmco LLC now owns 251,800 shares of the savings and loans company’s stock valued at $6,058,000 after buying an additional 184,663 shares during the period. Victory Capital Management Inc. grew its position in OceanFirst Financial by 13.9% during the first quarter. Victory Capital Management Inc. now owns 1,335,721 shares of the savings and loans company’s stock valued at $32,137,000 after buying an additional 163,327 shares during the period. Emerald Advisers LLC grew its position in OceanFirst Financial by 26.2% during the second quarter. Emerald Advisers LLC now owns 746,111 shares of the savings and loans company’s stock valued at $18,541,000 after buying an additional 154,764 shares during the period. Martingale Asset Management L P grew its position in OceanFirst Financial by 182.1% during the first quarter. Martingale Asset Management L P now owns 213,017 shares of the savings and loans company’s stock valued at $5,126,000 after buying an additional 137,517 shares during the period. Finally, Kennedy Capital Management Inc. grew its position in OceanFirst Financial by 35.9% during the first quarter. Kennedy Capital Management Inc. now owns 487,346 shares of the savings and loans company’s stock valued at $11,726,000 after buying an additional 128,616 shares during the period. Institutional investors own 68.56% of the company’s stock.

OCFC traded down $0.14 during midday trading on Thursday, hitting $20.93. 1,915 shares of the company traded hands, compared to its average volume of 191,002. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $1.12 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 1.06 and a beta of 0.73. OceanFirst Financial Corp. has a 52-week low of $20.99 and a 52-week high of $29.71. The stock’s 50 day moving average price is $24.45.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). The company had revenue of $74.72 million for the quarter, compared to analysts’ expectations of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. Equities analysts expect that OceanFirst Financial Corp. will post 2.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Monday, August 5th will be paid a $0.17 dividend. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. This represents a $0.68 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Friday, August 2nd. OceanFirst Financial’s dividend payout ratio (DPR) is currently 34.34%.

Several research firms recently commented on OCFC. DA Davidson lowered shares of OceanFirst Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $27.00 to $21.50 in a research report on Monday. Zacks Investment Research downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Boenning Scattergood reaffirmed a “hold” rating on shares of OceanFirst Financial in a report on Monday, April 29th. Keefe, Bruyette & Woods downgraded shares of OceanFirst Financial from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $29.00 to $26.50 in a report on Monday, July 29th. Finally, FIG Partners reaffirmed an “outperform” rating on shares of OceanFirst Financial in a report on Monday, April 29th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $25.60.

OceanFirst Financial Profile

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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Institutional Ownership by Quarter for OceanFirst Financial (NASDAQ:OCFC)

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