OceanFirst Financial (NASDAQ:OCFC) Stock Crosses Below 200 Day Moving Average – Should You Sell?

OceanFirst Financial Corp. (NASDAQ:OCFC)’s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $18.48 and traded as low as $18.23. OceanFirst Financial shares last traded at $18.34, with a volume of 1,357,269 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings lowered shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 25th. Piper Sandler reduced their target price on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. Four analysts have rated the stock with a Hold rating. According to MarketBeat, OceanFirst Financial has a consensus rating of “Hold” and a consensus price target of $19.00.

OceanFirst Financial Stock Performance

The company’s 50 day simple moving average is $17.46 and its 200 day simple moving average is $18.48. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $1.77 billion, a PE ratio of 25.47 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.08. OceanFirst Financial had a net margin of 5.28% and a return on equity of 6.55%. The company had revenue of $185.13 million during the quarter, compared to analyst estimates of $177.79 million. Analysts expect that OceanFirst Financial Corp. will post 1.81 earnings per share for the current year.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Monday, November 9th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $0.80 annualized dividend and a dividend yield of 4.4%. OceanFirst Financial’s payout ratio is presently 111.11%.

Insider Transactions at OceanFirst Financial

In other news, Director Nicos Katsoulis purchased 10,000 shares of the company’s stock in a transaction on Friday, October 30th. The stock was purchased at an average price of $17.83 per share, with a total value of $178,300.00. Following the completion of the purchase, the director directly owned 41,096 shares in the company, valued at approximately $732,741.68. This trade represents a 32.16% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Patrick Barrett acquired 5,000 shares of the business’s stock in a transaction dated Friday, October 30th. The stock was purchased at an average price of $17.90 per share, with a total value of $89,500.00. Following the completion of the acquisition, the chief financial officer directly owned 152,350 shares in the company, valued at approximately $2,727,065. This represents a 3.39% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 5.40% of the company’s stock.

Institutional Trading of OceanFirst Financial

A number of hedge funds have recently bought and sold shares of the company. Inscription Capital LLC purchased a new stake in OceanFirst Financial in the third quarter worth approximately $197,000. Chicago Partners Investment Group LLC purchased a new position in shares of OceanFirst Financial during the third quarter worth approximately $199,000. Smallwood Wealth Investment Management LLC raised its stake in shares of OceanFirst Financial by 13,513.5% during the third quarter. Smallwood Wealth Investment Management LLC now owns 5,037 shares of the savings and loans company’s stock worth $83,000 after acquiring an additional 5,000 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of OceanFirst Financial by 62.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company’s stock worth $62,000 after acquiring an additional 1,458 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its holdings in shares of OceanFirst Financial by 18.5% in the 3rd quarter. Byrne Asset Management LLC now owns 10,940 shares of the savings and loans company’s stock worth $182,000 after acquiring an additional 1,710 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.