Equities analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will post sales of $50.52 million for the current quarter, according to Zacks. Two analysts have made estimates for OceanFirst Financial’s earnings. The lowest sales estimate is $49.94 million and the highest is $51.10 million. OceanFirst Financial reported sales of $42.01 million in the same quarter last year, which indicates a positive year over year growth rate of 20.3%. The company is scheduled to announce its next quarterly earnings report after the market closes on Thursday, January 25th.
On average, analysts expect that OceanFirst Financial will report full year sales of $50.52 million for the current year, with estimates ranging from $196.98 million to $198.10 million. For the next financial year, analysts forecast that the business will post sales of $281.22 million per share, with estimates ranging from $279.23 million to $283.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting the consensus estimate of $0.45. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%. The company had revenue of $50.42 million during the quarter, compared to the consensus estimate of $50.41 million.
OCFC has been the topic of several research reports. DA Davidson initiated coverage on OceanFirst Financial in a research report on Thursday, September 21st. They issued a “buy” rating and a $31.00 target price on the stock. Sandler O’Neill raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Wednesday, September 20th. Piper Jaffray Companies reissued a “buy” rating and issued a $31.00 target price on shares of OceanFirst Financial in a research report on Friday, October 27th. ValuEngine raised OceanFirst Financial from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Hovde Group initiated coverage on OceanFirst Financial in a research report on Monday, October 9th. They issued an “outperform” rating and a $32.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $31.83.
In other OceanFirst Financial news, Director Steven E. Brady sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total value of $77,420.00. Following the transaction, the director now directly owns 72,562 shares of the company’s stock, valued at $2,006,339.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of OCFC. Sei Investments Co. lifted its position in shares of OceanFirst Financial by 80.5% during the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock valued at $102,000 after buying an additional 1,684 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of OceanFirst Financial by 10.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 109,614 shares of the savings and loans company’s stock valued at $2,973,000 after buying an additional 10,570 shares in the last quarter. Rhumbline Advisers lifted its position in shares of OceanFirst Financial by 27.3% during the 2nd quarter. Rhumbline Advisers now owns 38,015 shares of the savings and loans company’s stock valued at $1,031,000 after buying an additional 8,157 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of OceanFirst Financial by 27.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 399,838 shares of the savings and loans company’s stock valued at $10,843,000 after buying an additional 85,503 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of OceanFirst Financial by 16.2% during the 2nd quarter. Legal & General Group Plc now owns 7,589 shares of the savings and loans company’s stock valued at $206,000 after buying an additional 1,058 shares in the last quarter. 70.93% of the stock is currently owned by hedge funds and other institutional investors.
Shares of OceanFirst Financial (NASDAQ:OCFC) opened at $28.10 on Friday. The company has a market capitalization of $888.52, a PE ratio of 23.42, a P/E/G ratio of 1.49 and a beta of 0.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94. OceanFirst Financial has a twelve month low of $24.02 and a twelve month high of $30.66.
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About OceanFirst Financial
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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