Equities analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will announce $87.56 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for OceanFirst Financial’s earnings, with the lowest sales estimate coming in at $85.40 million and the highest estimate coming in at $89.40 million. OceanFirst Financial reported sales of $84.97 million in the same quarter last year, which indicates a positive year over year growth rate of 3%. The firm is expected to issue its next quarterly earnings results on Thursday, November 4th.
On average, analysts expect that OceanFirst Financial will report full year sales of $352.24 million for the current financial year, with estimates ranging from $346.10 million to $361.90 million. For the next year, analysts forecast that the firm will report sales of $375.07 million, with estimates ranging from $363.96 million to $389.20 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 29th. The savings and loans company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.06. OceanFirst Financial had a return on equity of 5.50% and a net margin of 20.86%. The business had revenue of $85.82 million during the quarter, compared to analysts’ expectations of $87.18 million.
In related news, Director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial stock in a transaction dated Tuesday, August 3rd. The shares were acquired at an average cost of $19.07 per share, for a total transaction of $38,140.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Aigen Investment Management LP raised its stake in OceanFirst Financial by 4.8% in the first quarter. Aigen Investment Management LP now owns 11,999 shares of the savings and loans company’s stock valued at $287,000 after buying an additional 552 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of OceanFirst Financial by 0.8% during the second quarter. Commonwealth Equity Services LLC now owns 86,208 shares of the savings and loans company’s stock worth $1,796,000 after purchasing an additional 719 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of OceanFirst Financial by 5.0% during the first quarter. Schonfeld Strategic Advisors LLC now owns 16,900 shares of the savings and loans company’s stock worth $404,000 after purchasing an additional 800 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of OceanFirst Financial by 4.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 24,850 shares of the savings and loans company’s stock worth $518,000 after purchasing an additional 951 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of OceanFirst Financial during the first quarter worth about $25,000. Institutional investors and hedge funds own 68.23% of the company’s stock.
Shares of OceanFirst Financial stock traded up $1.14 during mid-day trading on Monday, reaching $21.55. 238,388 shares of the stock traded hands, compared to its average volume of 274,456. The business has a 50-day moving average of $20.58 and a 200 day moving average of $21.72. OceanFirst Financial has a fifty-two week low of $13.53 and a fifty-two week high of $25.76. The stock has a market capitalization of $1.29 billion, a PE ratio of 14.76 and a beta of 0.98. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17.
The company also recently declared a quarterly dividend, which was paid on Friday, August 20th. Stockholders of record on Monday, August 9th were given a dividend of $0.17 per share. The ex-dividend date was Friday, August 6th. This represents a $0.68 annualized dividend and a dividend yield of 3.16%. OceanFirst Financial’s dividend payout ratio is currently 56.67%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. It has retail branches throughout the state and in metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.
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