Mon Dec 09 23:08:41 UTC 2024: ## Hedge Funds Increase Stakes in OceanFirst Financial Corp. (OCFC) Amidst Positive Earnings and Analyst Upgrades
**Sioux Falls, SD** – OceanFirst Financial Corp. (NASDAQ: OCFC), a community banking services provider, saw increased investment from several hedge funds in the third quarter, according to recent SEC filings. Systematic Financial Management LP boosted its holdings by 10.8%, now owning 917,085 shares valued at $17 million. Other notable increases include Royce & Associates LP (43.7% increase), American Century Companies Inc. (20.8% increase, from Q2), AQR Capital Management LLC (24.4% increase, from Q2), and Thrivent Financial for Lutherans (32.6% increase, from Q2). Collectively, hedge funds and institutional investors own 70.98% of OceanFirst Financial’s stock.
This increased interest follows a strong third-quarter earnings report, where the company exceeded analyst expectations, reporting earnings per share of $0.39 versus the estimated $0.38. Revenue also surpassed projections at $96.9 million against an estimated $92.79 million. OceanFirst also recently declared a quarterly dividend of $0.20.
Analyst sentiment on OCFC remains largely positive, although opinions vary. Hovde Group upgraded its price target to $21.50 with an “outperform” rating, while Keefe, Bruyette & Woods raised its target to $22.00, giving it a “market perform” rating. However, Piper Sandler assigned a “neutral” rating with a $17.00 target price. The current consensus target price among analysts is $20.42, with an average rating of “Hold”.
Despite a slight dip in share price on Thursday to $20.36, OceanFirst Financial’s stock has performed well over the past year, reaching a high of $21.87. The company’s market cap stands at $1.19 billion.
In a separate development, Director Joseph M. Jr. Murphy recently sold 1,500 shares of the company’s stock, reducing his ownership by 0.84%. Company insiders collectively hold 5% of the outstanding shares.
First Piper 