Comerica Bank Sells 30,848 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Comerica Bank trimmed its holdings in OceanFirst Financial Corp. (NASDAQ:OCFC) by 20.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,060 shares of the savings and loans company’s stock after selling 30,848 shares during the period. Comerica Bank owned 0.20% of OceanFirst Financial worth $2,486,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of OCFC. Morgan Stanley boosted its holdings in shares of OceanFirst Financial by 139.9% during the 2nd quarter. Morgan Stanley now owns 213,213 shares of the savings and loans company’s stock worth $4,442,000 after buying an additional 124,338 shares during the period. Metropolitan Life Insurance Co NY boosted its holdings in shares of OceanFirst Financial by 85,161.1% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 15,347 shares of the savings and loans company’s stock worth $320,000 after buying an additional 15,329 shares during the period. Millennium Management LLC boosted its holdings in shares of OceanFirst Financial by 63.7% during the 2nd quarter. Millennium Management LLC now owns 570,229 shares of the savings and loans company’s stock worth $11,884,000 after buying an additional 221,864 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of OceanFirst Financial by 4.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 24,850 shares of the savings and loans company’s stock worth $518,000 after buying an additional 951 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of OceanFirst Financial by 10.9% during the 2nd quarter. AQR Capital Management LLC now owns 75,582 shares of the savings and loans company’s stock worth $1,575,000 after buying an additional 7,400 shares during the period. 67.94% of the stock is owned by institutional investors.

Several analysts recently issued reports on the stock. Piper Sandler raised shares of OceanFirst Financial from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $23.00 to $24.00 in a report on Friday, August 6th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $26.00 target price on shares of OceanFirst Financial in a research note on Friday, July 30th. Finally, Stephens cut shares of OceanFirst Financial from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, November 10th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $24.81.

Shares of OCFC stock opened at $21.94 on Thursday. OceanFirst Financial Corp. has a 52-week low of $15.75 and a 52-week high of $25.76. The firm has a market cap of $1.30 billion, a PE ratio of 11.25 and a beta of 0.96. The company has a current ratio of 0.92, a quick ratio of 0.93 and a debt-to-equity ratio of 0.17. The firm has a fifty day simple moving average of $21.51.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, October 28th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. OceanFirst Financial had a net margin of 27.87% and a return on equity of 7.32%. The company had revenue of $87.02 million during the quarter, compared to analysts’ expectations of $87.56 million. On average, research analysts forecast that OceanFirst Financial Corp. will post 1.81 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 19th. Investors of record on Monday, November 8th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Friday, November 5th. OceanFirst Financial’s dividend payout ratio (DPR) is currently 34.87%.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. It has retail branches throughout the state and in metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.

Further Reading: Net Margin

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

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