Oconee Federal Financial (NASDAQ:OFED) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 8,400 shares, a drop of 9.7% from the August 31st total of 9,300 shares. Based on an average daily volume of 3,300 shares, the days-to-cover ratio is currently 2.5 days. Currently, 0.7% of the company’s shares are sold short.
Several hedge funds have recently added to or reduced their stakes in the business. M3F Inc. lifted its position in shares of Oconee Federal Financial by 28.7% during the second quarter. M3F Inc. now owns 20,628 shares of the savings and loans company’s stock valued at $532,000 after buying an additional 4,597 shares during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Oconee Federal Financial in the 2nd quarter valued at approximately $95,000. Finally, Bank of America Corp DE raised its position in shares of Oconee Federal Financial by 1,133.3% in the 2nd quarter. Bank of America Corp DE now owns 1,961 shares of the savings and loans company’s stock valued at $50,000 after purchasing an additional 1,802 shares during the last quarter. 2.27% of the stock is owned by institutional investors and hedge funds.
Shares of OFED stock traded down $0.11 during mid-day trading on Friday, hitting $20.70. 363 shares of the stock traded hands, compared to its average volume of 3,526. The stock has a market cap of $116.04 million, a P/E ratio of 30.90 and a beta of 0.48. The stock’s fifty day moving average is $24.40 and its two-hundred day moving average is $22.63. Oconee Federal Financial has a 52-week low of $15.25 and a 52-week high of $28.00.
Oconee Federal Financial (NASDAQ:OFED) last released its quarterly earnings results on Friday, August 14th. The savings and loans company reported $0.15 EPS for the quarter. Oconee Federal Financial had a net margin of 18.59% and a return on equity of 4.39%.
Separately, ValuEngine upgraded Oconee Federal Financial from a “strong sell” rating to a “sell” rating in a report on Wednesday, September 16th.
Oconee Federal Financial Company Profile
Oconee Federal Financial Corp. operates as a holding company for Oconee Federal Savings and Loan Association that provides various banking products and services in the Oconee County area of northwestern South Carolina and the northeast area of Georgia. The company's deposit products include demand, NOW, money market, savings, certificates of deposit, and individual retirement accounts.
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