Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) reports earnings per share of $0.44 for the current fiscal quarter, Zacks reports. Five analysts provided earnings estimates for OceanFirst Financial, with the highest EPS estimate of $0.46 and the lowest estimate of $0.41. OceanFirst Financial reported earnings of $0.39 per share in the same quarter last year, indicating a positive growth rate of 12.8% year over year. The company is expected to release its next results after the market closes on Thursday, January 27.
According to Zacks, analysts expect OceanFirst Financial to report annual earnings of $1.83 per share for the current year, with EPS estimates ranging from $1.79 to $1.85. For the next fiscal year, analysts expect the company to post earnings of $2.06 per share, with EPS estimates ranging from $1.95 to $2.22. Zacks earnings per share calculations are an average average based on a survey of sell-side research analysts who provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last reported quarterly results on Thursday, October 28. The savings and loan company reported EPS of $0.45 for the quarter, beating the Zacks consensus estimate of $0.41 by $0.04. The company posted revenue of $87.02 million in the quarter, versus analyst estimates of $87.56 million. OceanFirst Financial posted a net margin of 27.87% and a return on equity of 7.32%.
A number of stock analysts have released reports on the stock. Zacks Investment Research moved shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a price target of $24.00 on the stock in a report on Friday, December 17. Stephens downgraded shares of OceanFirst Financial from an “overweight” rating to an “equal weight” rating in a Wednesday, November 10 report. One investment analyst gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $24.92.
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In other OceanFirst Financial news, Director Nicos Katsoulis acquired 3,000 shares of the company in a transaction on Monday, November 29. The shares were acquired at an average cost of $20.90 per share, with a total value of $62,700.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. 3.80% of the shares are currently held by insiders.
A number of hedge funds and other institutional investors have recently increased or reduced their stakes in OCFC. First Trust Advisors LP increased its stake in OceanFirst Financial by 18.2% during the first quarter. First Trust Advisors LP now owns 60,687 shares of the savings and loan company valued at $1,460,000 after buying an additional 9,365 shares in the last quarter. Russell Investments Group Ltd. increased its position in OceanFirst Financial shares by 1,304.6% during the second quarter. Russell Investments Group Ltd. now owns 85,440 shares of the savings and loan company valued at $1,779,000 after purchasing an additional 79,357 shares during the period. The Swiss National Bank increased its position in shares of OceanFirst Financial by 2.1% during the second quarter. The Swiss National Bank now owns 133,133 shares in the savings and loan company valued at $2,774,000 after purchasing an additional 2,700 shares during the period. Sei Investments Co. increased its position in shares of OceanFirst Financial by 12.1% during the second quarter. Sei Investments Co. now owns 32,772 shares of the savings and loan company valued at $683,000 after purchasing an additional 3,550 shares during the period. Finally, WINTON GROUP Ltd purchased a new stake in shares of OceanFirst Financial during the second quarter at a value of approximately $208,000. 68.62% of the shares are currently held by institutional investors and hedge funds.
OCFC opened at $24.04 on Friday. The company has a debt ratio of 0.17, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $1.43 billion, a price-earnings ratio of 12.33 and a beta of 0.95. The company’s fifty-day moving average price is $21.99 and its two-hundred-day moving average price is $21.25. OceanFirst Financial has a 1 year minimum of $18.06 and a 1 year maximum of $25.76.
The company also recently declared a quarterly dividend, which was paid on Friday, November 19. Investors of record on Monday, November 8 received a dividend of $0.17. This represents a dividend of $0.68 on an annualized basis and a dividend yield of 2.83%. The ex-dividend date was Friday, November 5. OceanFirst Financial’s dividend payout ratio (DPR) is currently 34.87%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank offers commercial and residential financing solutions, wealth management and deposit services. It has retail branches throughout the state and in metropolitan New York, as well as loan origination offices in New Jersey, New York and Pennsylvania.
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