Systematic Financial Management LP Grows Stock Position in OceanFirst Financial Corp. $OCFC

Systematic Financial Management LP increased its stake in OceanFirst Financial Corp. (NASDAQ:OCFC) by 15.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,383,588 shares of the savings and loans company’s stock after acquiring an additional 181,557 shares during the period. Systematic Financial Management LP owned about 2.40% of OceanFirst Financial worth $24,960,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OCFC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in OceanFirst Financial by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company’s stock worth $582,000 after purchasing an additional 1,461 shares during the period. Empowered Funds LLC boosted its stake in shares of OceanFirst Financial by 5.5% during the first quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company’s stock valued at $2,390,000 after purchasing an additional 7,359 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of OceanFirst Financial by 8.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company’s stock worth $2,417,000 after buying an additional 11,262 shares during the period. Jane Street Group LLC raised its holdings in OceanFirst Financial by 107.0% during the 1st quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company’s stock valued at $1,503,000 after buying an additional 45,673 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in OceanFirst Financial by 15.6% during the 2nd quarter. Prudential Financial Inc. now owns 24,450 shares of the savings and loans company’s stock valued at $431,000 after buying an additional 3,295 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $19.48 on Friday. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 16.65 and a beta of 0.98. The stock has a fifty day moving average of $18.79 and a 200 day moving average of $18.63. OceanFirst Financial Corp. has a 52 week low of $16.09 and a 52 week high of $20.61. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.88.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, April 23rd. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.04. The business had revenue of $103.19 million for the quarter, compared to the consensus estimate of $143.25 million. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. As a group, research analysts expect that OceanFirst Financial Corp. will post 1.85 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on OCFC. Piper Sandler set a $19.00 price target on shares of OceanFirst Financial and gave the company a “neutral” rating in a research report on Friday, June 12th. Weiss Ratings upgraded shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, June 29th. Finally, DA Davidson upped their price objective on shares of OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $21.00.

OceanFirst Financial Profile

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.