OceanFirst Financial Corp. (NASDAQ:OCFC) – Investment analysts at DA Davidson dropped their FY2017 EPS estimates for OceanFirst Financial Corp. in a report released on Monday, Zacks Investment Research reports. DA Davidson analyst R. Gunther now expects that the savings and loans company will earn $1.70 per share for the year, down from their prior estimate of $1.75. DA Davidson currently has a “Buy” rating and a $31.00 price target on the stock. DA Davidson also issued estimates for OceanFirst Financial Corp.’s Q1 2018 earnings at $0.32 EPS, Q2 2018 earnings at $0.45 EPS and FY2018 earnings at $1.80 EPS.
OceanFirst Financial Corp. (NASDAQ:OCFC) last released its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. The company had revenue of $50.42 million during the quarter, compared to analysts’ expectations of $50.41 million. OceanFirst Financial Corp. had a net margin of 18.59% and a return on equity of 8.87%.
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OCFC has been the subject of a number of other reports. Zacks Investment Research lowered shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. ValuEngine lowered shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a report on Thursday. BidaskClub lowered shares of OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Hovde Group started coverage on shares of OceanFirst Financial Corp. in a report on Monday, October 9th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $31.00 price target on shares of OceanFirst Financial Corp. in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $31.00.
OceanFirst Financial Corp. (OCFC) opened at $25.84 on Wednesday. OceanFirst Financial Corp. has a 1 year low of $21.65 and a 1 year high of $30.70. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $841.92, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 1.52 and a beta of 0.61.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Monday, November 6th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.60 annualized dividend and a dividend yield of 2.32%. OceanFirst Financial Corp.’s payout ratio is 50.00%.
In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 2,800 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $27.65, for a total value of $77,420.00. Following the transaction, the director now owns 72,562 shares of the company’s stock, valued at $2,006,339.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. Brady sold 3,825 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $24.89, for a total transaction of $95,204.25. Following the completion of the transaction, the director now directly owns 67,177 shares in the company, valued at approximately $1,672,035.53. The disclosure for this sale can be found here. Insiders own 7.00% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its stake in OceanFirst Financial Corp. by 19.8% during the third quarter. Wells Fargo & Company MN now owns 146,650 shares of the savings and loans company’s stock worth $4,032,000 after purchasing an additional 24,218 shares during the period. Citadel Advisors LLC increased its stake in OceanFirst Financial Corp. by 127.3% during the third quarter. Citadel Advisors LLC now owns 88,126 shares of the savings and loans company’s stock worth $2,422,000 after purchasing an additional 49,363 shares during the period. Trexquant Investment LP purchased a new stake in OceanFirst Financial Corp. during the third quarter worth about $201,000. Dynamic Technology Lab Private Ltd purchased a new stake in OceanFirst Financial Corp. during the third quarter worth about $366,000. Finally, Ameriprise Financial Inc. purchased a new stake in OceanFirst Financial Corp. during the third quarter worth about $1,734,000. Institutional investors own 67.28% of the company’s stock.
OceanFirst Financial Corp. Company Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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