OceanFirst Financial Corp. (OCFC) Expected to Post Earnings of $0.51 Per Share

Brokerages predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will report $0.51 earnings per share (EPS) for the current quarter, according to Zacks. Five analysts have provided estimates for OceanFirst Financial’s earnings, with estimates ranging from $0.49 to $0.53. OceanFirst Financial reported earnings of $0.45 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The business is expected to report its next quarterly earnings report after the market closes on Thursday, April 25th.

According to Zacks, analysts expect that OceanFirst Financial will report full year earnings of $2.18 per share for the current fiscal year, with EPS estimates ranging from $2.15 to $2.22. For the next fiscal year, analysts anticipate that the business will post earnings of $2.29 per share, with EPS estimates ranging from $2.25 to $2.34. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that cover OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, January 24th. The savings and loans company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). OceanFirst Financial had a net margin of 23.09% and a return on equity of 9.21%. The business had revenue of $70.59 million for the quarter, compared to the consensus estimate of $72.11 million.

OCFC has been the subject of a number of recent research reports. Boenning Scattergood downgraded shares of OceanFirst Financial from an “outperform” rating to a “neutral” rating in a research report on Monday, March 4th. ValuEngine downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Zacks Investment Research upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, December 19th. Finally, BidaskClub upgraded shares of OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $32.60.

Shares of NASDAQ:OCFC traded down $0.22 during trading on Friday, reaching $24.06. 197,943 shares of the company’s stock traded hands, compared to its average volume of 188,088. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.54. OceanFirst Financial has a 12 month low of $21.30 and a 12 month high of $30.90. The company has a market cap of $1.25 billion, a PE ratio of 12.15, a P/E/G ratio of 1.11 and a beta of 0.76.

In other OceanFirst Financial news, EVP Joseph R. Iantosca sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $25.25, for a total value of $75,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Grace Vallacchi sold 1,700 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was 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. In the last 90 days, insiders sold 53,884 shares of company stock valued at $1,350,695. 3.80% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of OCFC. Walthausen & Co. LLC acquired a new stake in shares of OceanFirst Financial in the 3rd quarter worth approximately $9,544,000. Brown Advisory Inc. lifted its stake in shares of OceanFirst Financial by 25.3% in the 3rd quarter. Brown Advisory Inc. now owns 1,262,633 shares of the savings and loans company’s stock worth $34,369,000 after acquiring an additional 254,634 shares during the period. BlackRock Inc. lifted its stake in shares of OceanFirst Financial by 6.2% in the 4th quarter. BlackRock Inc. now owns 3,463,135 shares of the savings and loans company’s stock worth $77,955,000 after acquiring an additional 201,750 shares during the period. Federated Investors Inc. PA lifted its stake in shares of OceanFirst Financial by 72,207.8% in the 3rd quarter. Federated Investors Inc. PA now owns 186,554 shares of the savings and loans company’s stock worth $5,078,000 after acquiring an additional 186,296 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of OceanFirst Financial by 6.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,767,787 shares of the savings and loans company’s stock worth $75,339,000 after acquiring an additional 155,482 shares during the period. Hedge funds and other institutional investors own 74.88% 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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Earnings History and Estimates for OceanFirst Financial (NASDAQ:OCFC)

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