Denali Advisors LLC holds a $414,000 equity position in OceanFirst Financial Corp. (NASDAQ:OCFC)

Financial Advisors


Denali Advisors LLC cut shares in OceanFirst Financial Corporation (NASDAQ:OCFC – Get Rating) 57.9% during the fourth quarter, according to the company’s latest filings with the Securities and Exchange Commission. The company held 19,500 shares in the savings and loan company after selling 26,800 shares during the quarter. Denali Advisors LLC’s OceanFirst Financial holdings were worth $414,000 at the end of the most recent reporting period.

Many other big investors have also recently changed their stock positions. Dakota Wealth Management raised its shares in OceanFirst Financial by 4.2% in the fourth quarter. Dakota Wealth Management purchased an additional 431 shares during the period and now owns 10,776 shares worth $229,000 in the savings and loan company. BNP Paribas Arbitrage SNC increased its stake in OceanFirst Financial by 1.9% during the third quarter. BNP Paribas Arbitrage SNC purchased an additional 443 shares during the period and now owns 23,502 shares of the savings and loan company worth $438,000. Matten Wealth Management LLC raised his stake in OceanFirst Financial by 3.9% during the third quarter. Matern Wealth Management LLC purchased another 500 shares during the period and now owns 13,400 shares worth $250,000 in the savings and loan company. The Ohio Civil Service Retirement Plan increased its stake in OceanFirst Financial by 1.3% in the third quarter. The Ohio Civil Service Retirement Plan now owns 40,494 shares of the savings and loan company, valued at $755,000, after purchasing an additional 531 shares during the period. Finally, the Arizona Retirement Plan increased its shares in OceanFirst Financial by 3.4% during the fourth quarter. The Arizona Retirement Plan now owns 16,685 shares of the savings and loan company, valued at $355,000, after purchasing an additional 546 shares during the period. Institutional investors and hedge funds hold 69.77% of the company’s shares.

Insider activity

In related news, Director Joseph M. Jr. Murphy acquired 3,643 shares of the company in a transaction on Monday, March 13th. The shares were purchased at an average price of $21.93 per share for a total transaction value of $79,890.99. Post-acquisition, the directors now directly own 3,643 shares of the Company stock valued at $79,890.99. The acquisition was disclosed in documents filed with the Securities and Exchange Commission, which can be accessed at this link. In related news, Director Joseph M. Jr. Murphy acquired 3,643 shares of the company in a transaction on Monday, March 13th. The shares were purchased at an average price of $21.93 per share for a total transaction value of $79,890.99. Post-acquisition, the directors now directly own 3,643 shares of the Company stock valued at $79,890.99. The acquisition was disclosed in documents filed with the Securities and Exchange Commission, which can be accessed at this link. Vice President Steven James Tsinbinos also acquired 2,000 shares of the company in a transaction on Monday, March 13. The shares were purchased at an average price of $22.12 per share for a total value of $44,240.00. After the acquisition, the vice president would own 3,000 shares of the company directly, valued at $66,360. Disclosure information regarding this acquisition can be found here. Insiders purchased 17,116 shares of the company, valued at $309,699, last quarter. Corporate insiders own 4.90% of the company’s shares.

Analyst upgrades and downgrades

OCFC has been the subject of several research analyst reports. In a research note on Monday, April 24, Davidson lowered his price target on OceanFirst Financial from $26.00 to $20.00. Keefe, Bruyette & Woods lowered its price target on OceanFirst Financial from $28.00 to $26.00 in its Thursday, April 6 report, setting the company’s rating to “outperform.” StockNews.com undertook coverage of OceanFirst Financial in a report on Thursday, March 16th. They set a “Hold” rating on the company. Finally, Stevens repeated his “equal weight” rating in his report on Friday, April 21, setting a target price of $23.00 for OceanFirst Financial shares. Three equity research analysts rate the stock as a “hold” and two as a “buy.” According to MarketBeat.com, OceanFirst Financial currently has a consensus rating of “Hold” and an average target price of $23.50.

Ocean First Financial Price Performance

OCFC shares opened at $13.02 on Friday. The stock has a 50-day moving average price of $17.71 and a 200-day moving average price of $21.03. The stock has a market capitalization of $774.56 million, a P/E of 5.29 and a beta of 0.88. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt to equity ratio of 0.98. OceanFirst Financial Corporation hit a one-year low of $12.94 and a one-year high of $24.93.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend payable on Friday, May 19. His $0.20 dividend will be issued to shareholders of record on Monday, May 8. This equates to a $0.80 annual dividend and his 6.14% dividend yield. The ex-dividend date for this dividend will be Friday, May 5. OceanFirst Financial has a payout ratio of 32.52%.

Ocean First Financial Profile

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OceanFirst Financial Corp. operates as a savings and loan company engaged in the provision of financial services. Subsidiary Ocean First Bank provides commercial and residential finance solutions, wealth management and deposit services. It has retail branches throughout the state and metropolitan New York City, and loan origination offices in New Jersey, New York City, and Pennsylvania.

Featured Stories

Want to know if other hedge funds hold OCFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for OceanFirst Financial Corp. (NASDAQ:OCFC – Get Rating).

OceanFirst Financial (NASDAQ:OCFC) Quarterly Institutional Ownership

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