Equities research analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to post $0.46 earnings per share for the current quarter, Zacks reports. Four analysts have made estimates for OceanFirst Financial’s earnings, with estimates ranging from $0.45 to $0.48. OceanFirst Financial posted earnings per share of $0.40 in the same quarter last year, which would indicate a positive year over year growth rate of 15%. The business is scheduled to issue its next quarterly earnings report after the market closes on Thursday, July 26th.
On average, analysts expect that OceanFirst Financial will report full year earnings of $1.99 per share for the current year, with EPS estimates ranging from $1.95 to $2.05. For the next financial year, analysts forecast that the company will post earnings of $2.29 per share, with EPS estimates ranging from $2.25 to $2.34. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, April 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.07. OceanFirst Financial had a return on equity of 9.04% and a net margin of 15.23%. The company had revenue of $64.62 million for the quarter, compared to analysts’ expectations of $58.24 million.
OCFC has been the topic of several recent analyst reports. ValuEngine upgraded OceanFirst Financial from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. BidaskClub lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Friday, March 16th. Zacks Investment Research lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Finally, DA Davidson boosted their price target on OceanFirst Financial from $33.00 to $34.00 and gave the stock a “buy” rating in a research note on Thursday, May 24th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. OceanFirst Financial has an average rating of “Buy” and a consensus target price of $33.29.
In related news, Director Michael D. Devlin sold 1,453 shares of the company’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $27.00, for a total value of $39,231.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Christopher Maher bought 2,000 shares of OceanFirst Financial stock in a transaction that occurred on Tuesday, May 1st. The stock was bought at an average cost of $26.50 per share, for a total transaction of $53,000.00. The disclosure for this purchase can be found here. 3.80% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in OceanFirst Financial by 3.0% in the 4th quarter. BlackRock Inc. now owns 2,117,115 shares of the savings and loans company’s stock valued at $55,574,000 after buying an additional 62,527 shares in the last quarter. Clover Partners L.P. purchased a new stake in OceanFirst Financial in the 4th quarter valued at approximately $3,848,000. Schwab Charles Investment Management Inc. lifted its stake in OceanFirst Financial by 20.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 148,946 shares of the savings and loans company’s stock valued at $3,910,000 after buying an additional 25,374 shares in the last quarter. Wells Fargo & Company MN lifted its stake in OceanFirst Financial by 27.6% in the 4th quarter. Wells Fargo & Company MN now owns 187,058 shares of the savings and loans company’s stock valued at $4,910,000 after buying an additional 40,408 shares in the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in OceanFirst Financial in the 4th quarter valued at approximately $2,822,000. 71.30% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ OCFC traded up $0.02 on Friday, hitting $30.06. 6,461 shares of the company’s stock were exchanged, compared to its average volume of 325,242. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.45. OceanFirst Financial has a fifty-two week low of $24.02 and a fifty-two week high of $30.90. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 17.67, a PEG ratio of 1.51 and a beta of 0.63.
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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