OceanFirst Financial Corp (NASDAQ:OCFC) has reported a recent sale of common stock by executive Brian Schaeffer, the company's Executive Vice President and Chief Information Officer. According to the latest filing, Schaeffer sold a total of 3,500 shares at a price of $15.49 per share, resulting in a transaction value of $54,215.
The sale, which took place on May 2, 2024, was part of a series of transactions disclosed in the company's SEC Form 4 filing. Following the transaction, Schaeffer's direct holdings in the company decreased, but still amounted to a substantial 41,868 shares. Additionally, the executive has an indirect ownership of 2,480 shares through the company's Employee Stock Ownership Plan (ESOP).
It's worth noting that the total shares owned by Schaeffer includes restricted common stock that has not yet vested, as indicated in the filing's footnotes. This reflects an increase in beneficial ownership due to exempt acquisitions under Rule 16b-3(c).
OceanFirst Financial Corp, with headquarters in Toms River, New Jersey, operates as the holding company for OceanFirst Bank, which provides a range of community banking services. The bank's offerings include deposit products, loans, and wealth management services to both retail and commercial customers.
Investors often monitor the buying and selling activities of company insiders as these transactions can provide insights into the executives' confidence in the company's future performance. However, it's important to consider that there can be various reasons for an insider to sell shares, and such transactions do not necessarily indicate a negative outlook.
The details of these transactions are publicly available and provide transparency into the financial dealings of OceanFirst Financial Corp's executives. Interested parties can view the full details of the transactions in the company's Form 4 filing with the SEC.
InvestingPro Insights
OceanFirst Financial Corp's (NASDAQ:OCFC) recent insider activity comes alongside a mix of financial data that may be of interest to investors. The company currently boasts a market capitalization of $903.36 million and a Price/Earnings (P/E) ratio of 8.95, reflecting a valuation that may appear attractive to value-oriented investors. The P/E ratio has remained stable with a slight uptick to 8.96 when adjusted for the last twelve months as of Q1 2024.
Despite a challenging revenue environment, with a decline of 11.41% over the last twelve months as of Q1 2024, OceanFirst Financial has maintained a strong operating income margin of 40.39%, underscoring its ability to manage profitability. This is further supported by the company's consistent dividend payments, having rewarded shareholders for 28 consecutive years—a testament to its financial resilience and commitment to returning value to investors. This is one of the InvestingPro Tips that highlights the company's reliability in providing shareholder returns, even in turbulent times.
Another InvestingPro Tip points out that analysts predict OceanFirst Financial will be profitable this year, which aligns with the company's recent track record, as it has been profitable over the last twelve months. This forward-looking optimism may be a factor for investors to consider, especially those looking for stable earnings growth in their investment choices. For those interested in further insights and tips, there are additional 4 InvestingPro Tips available at Investing.com/pro/OCFC. Plus, using coupon code PRONEWS24 will get investors an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The recent share sale by executive Brian Schaeffer should be interpreted with these financial metrics and insights in mind, as they provide a broader context for evaluating the company's health and future prospects.
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