OceanFirst Financial Corp. (OCFC) Holdings Increased by Pwmco LLC
Pwmco LLC raised its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 275.1% during the 1st quarter, HoldingsChannel reports. The fund owned 251,800 shares of the savings and loans company’s stock after purchasing an additional 184,663 shares during the period. OceanFirst Financial makes up approximately 1.5% of Pwmco LLC’s portfolio, making the stock its 21st largest holding. Pwmco LLC’s holdings in OceanFirst Financial were worth $6,058,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in OCFC. Oppenheimer Asset Management Inc. acquired a new position in shares of OceanFirst Financial in the 4th quarter worth $25,000. Amundi Pioneer Asset Management Inc. acquired a new stake in OceanFirst Financial during the fourth quarter valued at $108,000. Legal & General Group Plc boosted its position in OceanFirst Financial by 12.7% during the fourth quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after purchasing an additional 934 shares during the last quarter. Sciencast Management LP acquired a new stake in OceanFirst Financial during the first quarter valued at $228,000. Finally, GW&K Investment Management LLC acquired a new stake in OceanFirst Financial during the fourth quarter valued at $238,000. 70.05% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Joseph R. Iantosca sold 2,475 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $25.00, for a total transaction of $61,875.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Grace Vallacchi sold 1,700 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $24.75, for a total value of $42,075.00. The disclosure for this sale can be found here. Insiders have sold a total of 53,884 shares of company stock valued at $1,350,695 in the last three months. 3.80% of the stock is owned by insiders.
OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, January 24th. The savings and loans company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.02). OceanFirst Financial had a return on equity of 9.21% and a net margin of 23.09%. The business had revenue of $70.59 million for the quarter, compared to analyst estimates of $72.11 million. As a group, research analysts expect that OceanFirst Financial Corp. will post 2.18 EPS for the current fiscal year.
A number of analysts recently issued reports on OCFC shares. Boenning Scattergood cut OceanFirst Financial from an “outperform” rating to a “neutral” rating in a research report on Monday, March 4th. BidaskClub cut OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research report on Saturday, January 12th. ValuEngine cut OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Finally, Zacks Investment Research cut OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. OceanFirst Financial has a consensus rating of “Hold” and an average target price of $32.60.
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OceanFirst Financial Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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