Trading Report: The Hanlon Investment Management Inc. Acquires New Position in OceanFirst Financial Corp. (OCFC)

The Hanlon Investment Management Inc. Acquires New Position in OceanFirst Financial Corp. (OCFC)

Hanlon Investment Management Inc. purchased a new stake in OceanFirst Financial Corp. (NASDAQ:OCFC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 84,306 shares of the company’s stock, valued at approximately $1,532,000.

A number of other large investors have also made changes to their positions in the company. California State Teachers Retirement System boosted its stake in shares of OceanFirst Financial Corp. by 51.0% in the second quarter. California State Teachers Retirement System now owns 42,904 shares of the company’s stock valued at $780,000 after buying an additional 14,500 shares in the last quarter. Endeavour Capital Advisors Inc. boosted its stake in shares of OceanFirst Financial Corp. by 2.4% in the first quarter. Endeavour Capital Advisors Inc. now owns 63,021 shares of the company’s stock valued at $1,114,000 after buying an additional 1,500 shares in the last quarter. AlphaOne Investment Services LLC acquired a new stake in shares of OceanFirst Financial Corp. during the first quarter valued at $1,503,000. Kennedy Capital Management Inc. acquired a new stake in shares of OceanFirst Financial Corp. during the first quarter valued at $1,564,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of OceanFirst Financial Corp. by 41.4% in the second quarter. Bank of New York Mellon Corp now owns 130,513 shares of the company’s stock valued at $2,371,000 after buying an additional 38,189 shares in the last quarter. Institutional investors own 60.77% of the company’s stock.

Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) traded up 1.90% during midday trading on Friday, reaching $20.43. 141,529 shares of the company traded hands. OceanFirst Financial Corp. has a 1-year low of $15.98 and a 1-year high of $21.00. The firm has a market capitalization of $528.14 billion, a PE ratio of 18.92 and a beta of 0.65. The stock has a 50 day moving average price of $19.39 and a 200 day moving average price of $18.78.

OceanFirst Financial Corp. (NASDAQ:OCFC) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.10. OceanFirst Financial Corp. had a net margin of 16.47% and a return on equity of 10.15%. Analysts expect that OceanFirst Financial Corp. will post $1.17 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 18th. Stockholders of record on Monday, November 7th will be paid a dividend of $0.15 per share. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.94%. OceanFirst Financial Corp.’s dividend payout ratio (DPR) is presently 48.60%.

Separately, Zacks Investment Research cut shares of OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, October 6th.

In other news, Chairman John R. Garbarino sold 160,220 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $19.25, for a total transaction of $3,084,235.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman John R. Garbarino sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $18.84, for a total transaction of $188,400.00. The disclosure for this sale can be found here. Insiders own 11.10% of the company’s stock.

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.

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