Brokerages forecast that OceanFirst Financial Corp. (NASDAQ:OCFC) will report earnings of $0.43 per share for the current fiscal quarter, according to Zacks. Five analysts have made estimates for OceanFirst Financial’s earnings, with estimates ranging from $0.39 to $0.47. OceanFirst Financial reported earnings of $0.54 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 20.4%. The company is expected to report its next earnings results on Thursday, October 22nd.
On average, analysts expect that OceanFirst Financial will report full year earnings of $1.65 per share for the current year, with EPS estimates ranging from $1.47 to $1.78. For the next year, analysts expect that the firm will report earnings of $1.66 per share, with EPS estimates ranging from $1.25 to $1.90. Zacks’ EPS calculations are an average based on a survey of analysts that cover OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $90.10 million during the quarter, compared to analysts’ expectations of $89.60 million. OceanFirst Financial had a return on equity of 7.86% and a net margin of 21.11%.
Several research analysts have recently weighed in on OCFC shares. BidaskClub cut shares of OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 20th. Zacks Investment Research lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Friday, August 21st. Three research analysts have rated the stock with a sell rating and two have issued a buy rating to the company. OceanFirst Financial currently has an average rating of “Hold” and an average target price of $24.50.
Shares of NASDAQ:OCFC opened at $15.99 on Friday. OceanFirst Financial has a 52-week low of $11.60 and a 52-week high of $25.61. The stock has a market cap of $965.16 million, a P/E ratio of 10.38 and a beta of 0.93. The business has a fifty day moving average of $16.22 and a two-hundred day moving average of $16.86. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.41.
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were given a $0.17 dividend. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.68 dividend on an annualized basis and a yield of 4.25%. OceanFirst Financial’s payout ratio is presently 32.85%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in OceanFirst Financial by 38.1% in the 1st quarter. Wellington Management Group LLP now owns 1,846,281 shares of the savings and loans company’s stock worth $29,374,000 after buying an additional 509,780 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of OceanFirst Financial by 278.7% in the first quarter. JPMorgan Chase & Co. now owns 568,940 shares of the savings and loans company’s stock worth $9,051,000 after acquiring an additional 418,719 shares during the last quarter. Systematic Financial Management LP grew its holdings in OceanFirst Financial by 1,570.9% in the first quarter. Systematic Financial Management LP now owns 348,552 shares of the savings and loans company’s stock valued at $5,545,000 after purchasing an additional 327,692 shares during the period. Vanguard Group Inc. increased its position in OceanFirst Financial by 5.2% during the second quarter. Vanguard Group Inc. now owns 2,986,161 shares of the savings and loans company’s stock worth $52,645,000 after purchasing an additional 147,515 shares during the last quarter. Finally, Hudson Valley Investment Advisors Inc. ADV purchased a new position in OceanFirst Financial during the first quarter worth approximately $2,227,000. Institutional investors and hedge funds own 64.05% of the company’s stock.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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