Addison Capital Co Sells 7,422 Shares of OceanFirst Financial Corp. (NASDAQ:OCFC)

Addison Capital Co decreased its holdings in shares of OceanFirst Financial Corp. (NASDAQ:OCFC) by 4.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 149,057 shares of the savings and loans company’s stock after selling 7,422 shares during the period. OceanFirst Financial makes up approximately 1.1% of Addison Capital Co’s holdings, making the stock its 28th largest holding. Addison Capital Co’s holdings in OceanFirst Financial were worth $2,771,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Creative Planning lifted its stake in shares of OceanFirst Financial by 3.5% during the 3rd quarter. Creative Planning now owns 41,625 shares of the savings and loans company’s stock worth $774,000 after buying an additional 1,411 shares during the last quarter. CWM LLC raised its holdings in OceanFirst Financial by 105.6% in the 3rd quarter. CWM LLC now owns 21,639 shares of the savings and loans company’s stock valued at $402,000 after acquiring an additional 11,114 shares during the period. SG Americas Securities LLC lifted its position in OceanFirst Financial by 44.3% during the third quarter. SG Americas Securities LLC now owns 40,086 shares of the savings and loans company’s stock worth $745,000 after acquiring an additional 12,309 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of OceanFirst Financial by 54.8% during the second quarter. Point72 Asset Management L.P. now owns 16,255 shares of the savings and loans company’s stock worth $258,000 after acquiring an additional 5,755 shares during the period. Finally, Algert Global LLC boosted its holdings in shares of OceanFirst Financial by 12.6% during the second quarter. Algert Global LLC now owns 48,292 shares of the savings and loans company’s stock worth $767,000 after acquiring an additional 5,388 shares during the period. 70.98% of the stock is owned by institutional investors.

OceanFirst Financial Stock Performance

Shares of NASDAQ:OCFC opened at $19.46 on Friday. OceanFirst Financial Corp. has a 12-month low of $12.01 and a 12-month high of $19.49. The company’s 50 day moving average price is $17.54 and its two-hundred day moving average price is $16.32. The firm has a market cap of $1.14 billion, a PE ratio of 11.38 and a beta of 1.01. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.74.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). The company had revenue of $170.41 million for the quarter, compared to the consensus estimate of $94.93 million. OceanFirst Financial had a return on equity of 5.85% and a net margin of 14.78%. During the same quarter last year, the business earned $0.46 EPS. Equities research analysts predict that OceanFirst Financial Corp. will post 1.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Hovde Group increased their target price on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, OceanFirst Financial presently has a consensus rating of “Hold” and an average target price of $18.90.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.