Wedge Capital Management L L P NC decreased its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 3.3% during the first quarter, Holdings Channel reports. The institutional investor owned 504,358 shares of the savings and loans company’s stock after selling 17,052 shares during the period. Wedge Capital Management L L P NC’s holdings in OceanFirst Financial Corp. were worth $14,210,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Quantum Capital Management LLC NJ acquired a new position in OceanFirst Financial Corp. during the third quarter worth approximately $201,000. AQR Capital Management LLC acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $205,000. First Republic Investment Management Inc. acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $300,000. Emerald Advisers Inc. PA acquired a new position in OceanFirst Financial Corp. during the third quarter worth approximately $337,000. Finally, Highbridge Capital Management LLC acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $394,000. 55.62% of the stock is currently owned by institutional investors and hedge funds.
OceanFirst Financial Corp. (NASDAQ:OCFC) traded down 0.46% during trading on Friday, reaching $28.10. 83,367 shares of the company’s stock traded hands. The stock has a market cap of $896.39 million, a price-to-earnings ratio of 25.20 and a beta of 0.59. The company’s 50 day moving average is $27.79 and its 200-day moving average is $26.91. OceanFirst Financial Corp. has a 52-week low of $16.77 and a 52-week high of $30.70.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 19th. Stockholders of record on Monday, May 8th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, May 4th. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. OceanFirst Financial Corp.’s dividend payout ratio is currently 61.22%.
OCFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $32.00 price target on shares of OceanFirst Financial Corp. in a research report on Wednesday. Zacks Investment Research lowered shares of OceanFirst Financial Corp. from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Sandler O’Neill lowered shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a report on Monday, January 30th.
In other news, Director Michael D. Devlin sold 4,801 shares of the company’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $29.72, for a total transaction of $142,685.72. Following the sale, the director now directly owns 129,614 shares in the company, valued at $3,852,128.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John R. Garbarino sold 3,000 shares of the company’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $29.00, for a total value of $87,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,642 shares of company stock worth $4,222,224. Company insiders own 11.10% of the company’s stock.
OceanFirst Financial Corp. Company Profile
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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