Lord Abbett & CO. LLC Purchases 225,211 Shares of OceanFirst Financial Corp. (OCFC)

Lord Abbett & CO. LLC increased its position in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 303.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 299,345 shares of the savings and loans company’s stock after buying an additional 225,211 shares during the quarter. Lord Abbett & CO. LLC owned 0.93% of OceanFirst Financial Corp. worth $8,118,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Comerica Bank grew its position in OceanFirst Financial Corp. by 0.4% during the second quarter. Comerica Bank now owns 51,508 shares of the savings and loans company’s stock worth $1,390,000 after buying an additional 225 shares in the last quarter. Legal & General Group Plc grew its position in OceanFirst Financial Corp. by 6.8% during the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after buying an additional 418 shares in the last quarter. Voya Investment Management LLC grew its position in OceanFirst Financial Corp. by 13.3% during the second quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after buying an additional 1,683 shares in the last quarter. Sei Investments Co. grew its position in OceanFirst Financial Corp. by 80.5% during the second quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after buying an additional 1,684 shares in the last quarter. Finally, Strs Ohio grew its position in OceanFirst Financial Corp. by 6.6% during the second quarter. Strs Ohio now owns 29,200 shares of the savings and loans company’s stock worth $791,000 after buying an additional 1,800 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on OCFC shares. BidaskClub downgraded OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Sandler O’Neill raised OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Wednesday, September 20th. Zacks Investment Research downgraded OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. DA Davidson started coverage on OceanFirst Financial Corp. in a research report on Thursday, September 21st. They set a “buy” rating and a $31.00 target price on the stock. Finally, Hovde Group started coverage on OceanFirst Financial Corp. in a research report on Monday, October 9th. They set an “outperform” rating and a $32.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $30.83.

Shares of OceanFirst Financial Corp. (NASDAQ OCFC) opened at 29.12 on Friday. The company’s 50-day moving average price is $26.97 and its 200-day moving average price is $26.83. The firm has a market capitalization of $935.39 million, a P/E ratio of 25.17 and a beta of 0.64. OceanFirst Financial Corp. has a 52-week low of $20.23 and a 52-week high of $30.70.

OceanFirst Financial Corp. (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. The firm had revenue of $50.42 million for the quarter, compared to analysts’ expectations of $50.41 million. OceanFirst Financial Corp. had a net margin of 17.86% and a return on equity of 8.75%. On average, equities research analysts expect that OceanFirst Financial Corp. will post $1.55 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.60 annualized dividend and a yield of 2.06%. OceanFirst Financial Corp.’s dividend payout ratio is currently 50.00%.

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In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 3,825 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $24.89, for a total value of $95,204.25. Following the transaction, the director now directly owns 67,177 shares of the company’s stock, valued at approximately $1,672,035.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.00% of the stock is owned by corporate insiders.

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.

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

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