Victory Capital Management Inc. sells 288,251 shares of OceanFirst Financial Corp. (NASDAQ: OCFC)
Victory Capital Management Inc. reduced its position in shares of OceanFirst Financial Corp. (NASDAQ: OCFC – Get Rating) by 78.1% in the first quarter, according to the company in its latest filing with the SEC. The institutional investor held 80,985 shares of the savings and loan company after selling 288,251 shares during the quarter. Victory Capital Management Inc. owned 0.14% of OceanFirst Financial worth $1,517,000 at the end of the last quarter.
A number of other institutional investors and hedge funds also bought and sold shares of OCFC. Point72 Hong Kong Ltd purchased a new stake in shares of OceanFirst Financial during the fourth quarter, valued at approximately $37,000. Norwood Financial Corp bought a new position in OceanFirst Financial in Q4, valued at around $49,000. Masso Torrence Wealth Management Inc. acquired a new stake in OceanFirst Financial during Q4 valued at $67,000. Zurcher Kantonalbank Zurich Cantonalbank increased its equity stake in OceanFirst Financial by 67.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,807 shares of the savings and loan company worth $196,000 after buying 3,563 additional shares last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of OceanFirst Financial during the first quarter with a value of $185,000. 69.53% of the shares are currently held by institutional investors.
Insider buying and selling
In other OceanFirst Financial news, Director Michael D. Devlin sold 60,000 shares of the company in a trade on Tuesday, August 2. The stock was sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following the transaction, the administrator now directly owns 52,114 shares of the company, valued at approximately $1,074,069.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other OceanFirst Financial news, Chief Financial Officer Patrick Sean Barrett purchased 10,500 shares of the company in a trade that took place on Friday June 24. The shares were purchased at an average price of $18.91 per share, for a total transaction of $198,555.00. Following the acquisition, the CFO now owns 20,508 shares of the company, valued at $387,806.28. The acquisition was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, director Michael D. Devlin sold 60,000 shares in a trade that took place on Tuesday, August 2. The stock was sold at an average price of $20.61, for a total transaction of $1,236,600.00. Following completion of the transaction, the administrator now owns 52,114 shares of the company, valued at approximately $1,074,069.54. The disclosure of this sale can be found here. 3.80% of the shares are held by insiders.
Price performance of OceanFirst Financial
Shares of OceanFirst Financial opened at $21.37 on Friday. The stock has a 50-day moving average of $19.70 and a 200-day moving average of $20.26. OceanFirst Financial Corp. has a 12-month low of $18.24 and a 12-month high of $24.25. The company has a market capitalization of $1.27 billion, a PE ratio of 12.95 and a beta of 0.83. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt ratio of 0.46.
OceanFirst Financial increases its dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 19. Shareholders of record on Monday August 8 will receive a dividend of $0.20. This represents an annualized dividend of $0.80 and a dividend yield of 3.74%. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.17. The ex-date of this dividend is Friday, August 5. OceanFirst Financial’s dividend payout ratio (DPR) is currently 48.49%.
Changes to analyst ratings
Several research companies have recently commented on the OCFC. DA Davidson reiterated a “buy” rating on OceanFirst Financial shares in a Wednesday, July 27 report. StockNews.com moved shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a Saturday, May 21 report.
About OceanFirst Financial
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OceanFirst Financial Corp. operates as a bank holding company for OceanFirst Bank NA which provides community banking services. It accepts money market accounts, savings accounts, interest bearing checking accounts, non-interest bearing demand deposits and term deposits for individuals, governments and businesses.
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