On March 13th, Director Joseph M. Jr. Murphy and VP Steven James Tsimbinos both purchased shares of OceanFirst Financial Corp.’s (NASDAQ:OCFC) stock. These purchases come at a time when the savings and loans company’s stock has seen increased ownership from Victory Capital Management Inc., who upped their holdings by 63% in the fourth quarter of this past year.
According to its most recent disclosure with the Securities and Exchange Commission (SEC), Victory Capital Management Inc. now owns 471,260 shares of OCFC worth $11,273,000 or about 0.80% overall equity at the end of Q4.
With these new investments from insiders as well as increased stake from outside firms, what will be the impact on NASDAQ OCFC? Currently priced at $14.74 with a market capitalization of $876.88 million, OCFC maintains a price-to-earnings ratio of 5.99 and a beta of 0.88.
In the last twelve months, OCFC has seen a low of $12.81 and high of $24.93 with a fifty day simple moving average of $16.41 and a 200 day simple moving average of $20.51.
OCFC has a quick ratio of 1.05, current ratio of 1.05 as well as debt-to-equity ratio standing at .98.
With Victory Capital Management Inc.’s significant stake increase as well as insider investment, how will those who hold positions on NASDAQ OCFC react to these developments? Only time can tell for sure, but those keeping an eye on this trading floor should be prepared for anything in days to come, especially given how unpredictable markets have been lately due to pandemic-induced uncertainty worldwide.
Institutional Investors Boost Stakes in OceanFirst Financial Corp. Despite Hold Rating from Analysts
OceanFirst Financial Corp. (OCFC) has witnessed an increase in the stakes of several institutional investors and hedge funds. Envestnet Asset Management led the pack, upping its stake by 24.9% during Q1; it now owns over 12,000 shares worth $243,000. Other investors and hedge funds such as Raymond James Financial Services Advisors Inc., PNC Financial Services Group Inc., MetLife Investment Management LLC, and Great West Life Assurance Co. Can followed suit, increasing their stakes by varying percentages. Institutional investors already own over two-thirds of the stock in OceanFirst Financial Corp.
In spite of these developments, three research analysts have issued a hold rating while two others rated the stock a buy. These ratings were given despite the institution’s declaration of a $0.20 dividend per share for shareholders on record. The dividend payout will amount to an annualized $0.80 dividend at 5.43% yield.
OceanFirst Financial Corp.’s stock is currently rated ‘Hold,’ with an average target price estimated at $23.50.
Those looking to invest in this savings and loans company should consider all these factors before making any investment decisions.
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