Equities research analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will report sales of $58.24 million for the current quarter, Zacks reports. Two analysts have provided estimates for OceanFirst Financial’s earnings, with the highest sales estimate coming in at $59.30 million and the lowest estimate coming in at $57.18 million. OceanFirst Financial reported sales of $47.48 million during the same quarter last year, which indicates a positive year-over-year growth rate of 22.7%. The firm is expected to announce its next quarterly earnings report after the market closes on Thursday, April 26th.
On average, analysts expect that OceanFirst Financial will report full year sales of $58.24 million for the current fiscal year, with estimates ranging from $270.97 million to $278.60 million. For the next year, analysts expect that the company will report sales of $300.92 million per share, with estimates ranging from $294.23 million to $307.60 million. Zacks’ sales calculations are an average based on a survey of research firms that follow OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. OceanFirst Financial had a net margin of 19.67% and a return on equity of 9.48%. The company had revenue of $49.25 million for the quarter, compared to analyst estimates of $50.52 million.
Several brokerages have recently commented on OCFC. BidaskClub lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research note on Saturday, January 20th. ValuEngine raised shares of OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $37.00 price objective on shares of OceanFirst Financial in a report on Friday, December 22nd. Finally, Zacks Investment Research downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $31.83.
In related news, Director Angelo Catania sold 1,505 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.47, for a total transaction of $39,837.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. Brady sold 20,000 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $26.02, for a total transaction of $520,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,995 shares of company stock valued at $732,065. 7.00% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC bought a new stake in OceanFirst Financial in the 4th quarter valued at $975,000. MetLife Investment Advisors LLC bought a new stake in OceanFirst Financial in the 4th quarter valued at $397,000. LPL Financial LLC boosted its holdings in OceanFirst Financial by 16.9% in the 4th quarter. LPL Financial LLC now owns 15,543 shares of the savings and loans company’s stock valued at $408,000 after purchasing an additional 2,243 shares during the period. Millennium Management LLC boosted its holdings in OceanFirst Financial by 313.9% in the 4th quarter. Millennium Management LLC now owns 314,323 shares of the savings and loans company’s stock valued at $8,251,000 after purchasing an additional 238,373 shares during the period. Finally, Clover Partners L.P. bought a new stake in OceanFirst Financial in the 4th quarter valued at $3,848,000. 50.88% of the stock is owned by institutional investors and hedge funds.
Shares of OCFC opened at $26.10 on Friday. OceanFirst Financial has a 12 month low of $24.02 and a 12 month high of $29.46. The firm has a market cap of $1,280.82, a PE ratio of 15.35, a price-to-earnings-growth ratio of 1.36 and a beta of 0.53. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.59.
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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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