Wall Street analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to report earnings of $0.38 per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for OceanFirst Financial’s earnings, with the lowest EPS estimate coming in at $0.31 and the highest estimate coming in at $0.45. OceanFirst Financial posted earnings per share of $0.40 in the same quarter last year, which would indicate a negative year over year growth rate of 5%. The company 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 earnings of $1.95 per share for the current fiscal year, with EPS estimates ranging from $1.90 to $2.00. For the next financial year, analysts expect that the company will post earnings of $2.27 per share, with EPS estimates ranging from $2.20 to $2.32. Zacks’ EPS calculations are an average based on a survey of research firms that follow OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. OceanFirst Financial had a return on equity of 9.48% and a net margin of 19.67%. The firm had revenue of $49.25 million for the quarter, compared to the consensus estimate of $50.52 million.
Several equities analysts recently issued reports on OCFC shares. BidaskClub downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Saturday, January 20th. ValuEngine downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $37.00 target price on shares of OceanFirst Financial in a research report on Friday, December 22nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $31.83.
NASDAQ OCFC opened at $26.10 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.92 and a current ratio of 0.92. OceanFirst Financial has a 1 year low of $24.02 and a 1 year high of $29.46. The firm has a market capitalization of $1,255.33, a P/E ratio of 15.35, a PEG ratio of 1.34 and a beta of 0.53.
In other OceanFirst Financial news, Director Angelo Catania sold 1,505 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.47, for a total transaction of $39,837.35. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Joseph R. Iantosca sold 5,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.40, for a total value of $132,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 27,995 shares of company stock worth $732,065 over the last ninety days. 7.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in OCFC. SG Americas Securities LLC acquired a new stake in OceanFirst Financial during the 3rd quarter worth about $165,000. Ameriprise Financial Inc. acquired a new stake in OceanFirst Financial during the 3rd quarter worth about $1,734,000. Trexquant Investment LP acquired a new stake in OceanFirst Financial during the 3rd quarter worth about $201,000. Wells Fargo & Company MN grew its position in OceanFirst Financial by 19.8% during the 3rd 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. Finally, Schwab Charles Investment Management Inc. grew its position in OceanFirst Financial by 12.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 123,572 shares of the savings and loans company’s stock worth $3,397,000 after purchasing an additional 13,958 shares during the period. 50.88% of the stock is currently owned by institutional investors.
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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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