Form 4: OceanFirst Financial Executive's Routine Stock Withholding
Insider Transaction Report
Michele B. Estep, SEVP & CAO of OceanFirst Bank, reported a disposition of 4,629 common shares for tax withholding purposes.
Summary
- Michele B. Estep, Senior Executive Vice President and Chief Administrative Officer of OceanFirst Bank, reported a transaction on March 4, 2026.
- 4,629 shares of OceanFirst Financial Corp. common stock were disposed of at a price of $18.58 per share.
- This disposition was specifically to satisfy tax liabilities associated with the vesting of restricted stock, not a market sale.
- Following this transaction, Ms. Estep directly beneficially owns 177,682 shares of common stock, which includes unvested restricted stock.
- Additionally, Ms. Estep indirectly owns 3,980 shares of common stock through an ESOP.
- Ms. Estep also holds stock options to buy 50,335 shares at $25.20 (exercisable from March 1, 2020, expiring March 1, 2029) and 76,790 shares at $20.44 (exercisable from March 1, 2021, expiring February 28, 2030).
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral event. The transaction is a routine tax withholding related to executive compensation and does not indicate a change in company fundamentals or management's sentiment.
Industry Context
StockSavvy.ai notes that routine Form 4 filings, such as this one detailing tax-related stock dispositions, are common for executives in the financial services industry as part of their compensation and vesting schedules. These transactions typically do not reflect a change in management's outlook on the company's performance.
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a routine, non-market transaction for tax purposes, not a sale reflecting a change in confidence.
Key Dates
| Date | Description |
|---|---|
| 03/01/2020 | Date stock option for 50,335 shares became exercisable. |
| 03/01/2021 | Date stock option for 76,790 shares became exercisable. |
| 03/04/2026 | Date of transaction for disposition of common stock to satisfy tax liability. |
| 03/06/2026 | Signature date of the reporting person's power of attorney. |
| 02/28/2030 | Expiration date for stock option to buy 76,790 shares. |
| 03/01/2029 | Expiration date for stock option to buy 50,335 shares. |
Keywords
OceanFirst Financial Corp, OCFC, Michele B. Estep, Form 4, Insider Transaction, Stock Option, Restricted Stock, Tax Withholding, Beneficial Ownership
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