Equities analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to announce sales of $73.15 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for OceanFirst Financial’s earnings. The highest sales estimate is $74.50 million and the lowest is $71.80 million. OceanFirst Financial reported sales of $64.62 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.2%. The company is scheduled to issue its next earnings results after the market closes on Thursday, April 25th.
According to Zacks, analysts expect that OceanFirst Financial will report full year sales of $307.05 million for the current fiscal year, with estimates ranging from $303.90 million to $310.84 million. For the next fiscal year, analysts anticipate that the company will report sales of $321.64 million, with estimates ranging from $317.50 million to $329.08 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings results on Thursday, January 24th. The savings and loans company reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.02). OceanFirst Financial had a return on equity of 9.21% and a net margin of 23.09%. The firm had revenue of $70.59 million for the quarter, compared to analysts’ expectations of $72.11 million.
In related news, EVP Joseph R. Iantosca sold 3,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $25.25, for a total transaction of $75,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Grace Vallacchi sold 1,700 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $24.75, for a total transaction of $42,075.00. The disclosure for this sale can be found here. Insiders sold a total of 53,884 shares of company stock valued at $1,350,695 in the last three months. Insiders own 3.80% of the company’s stock.
Several large investors have recently made changes to their positions in OCFC. Oppenheimer Asset Management Inc. bought a new stake in shares of OceanFirst Financial during the 4th quarter valued at about $25,000. Amundi Pioneer Asset Management Inc. bought a new stake in shares of OceanFirst Financial during the 4th quarter valued at about $108,000. Legal & General Group Plc grew its position in shares of OceanFirst Financial by 12.7% during the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after buying an additional 934 shares during the last quarter. GW&K Investment Management LLC bought a new stake in shares of OceanFirst Financial during the 4th quarter valued at about $238,000. Finally, AQR Capital Management LLC bought a new stake in shares of OceanFirst Financial during the 3rd quarter valued at about $298,000. 74.88% of the stock is owned by institutional investors and hedge funds.
OceanFirst Financial stock traded down $0.22 during midday trading on Monday, hitting $24.06. 197,943 shares of the stock were exchanged, compared to its average volume of 188,088. OceanFirst Financial has a 1 year low of $21.30 and a 1 year high of $30.90. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.11 and a beta of 0.76. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.97 and a quick ratio of 0.97.
About OceanFirst Financial
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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