Zacks: Analysts Anticipate OceanFirst Financial Corp. (OCFC) Will Post Quarterly Sales of $58.24 Million

Equities analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to report sales of $58.24 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for OceanFirst Financial’s earnings, with estimates ranging from $57.18 million to $59.30 million. OceanFirst Financial posted sales of $47.48 million during the same quarter last year, which suggests a positive year over year growth rate of 22.7%. The business is scheduled to report its next quarterly earnings results on Thursday, April 26th.

On average, analysts expect that OceanFirst Financial will report full year sales of $58.24 million for the current year, with estimates ranging from $270.97 million to $278.60 million. For the next year, analysts expect that the company will post 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 cover OceanFirst Financial.

How to Become a New Pot Stock Millionaire

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.45. OceanFirst Financial had a net margin of 19.67% and a return on equity of 9.48%. The firm had revenue of $49.25 million during the quarter, compared to analysts’ expectations of $50.52 million.

A number of equities research analysts have recently commented on the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial in a report on Monday, February 12th. BidaskClub raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, January 11th. Zacks Investment Research cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $37.00 target price on shares of OceanFirst Financial in a report on Friday, December 22nd. Finally, ValuEngine raised shares of OceanFirst Financial from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. OceanFirst Financial has an average rating of “Buy” and a consensus target price of $31.83.

In other news, CAO Joseph R. Iantosca sold 5,000 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $26.40, for a total transaction of $132,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Angelo Catania sold 1,505 shares of the business’s 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 disclosure for this sale can be found here. Insiders sold 27,995 shares of company stock valued at $732,065 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Several institutional investors have recently modified their holdings of OCFC. OppenheimerFunds Inc. increased its stake in shares of OceanFirst Financial by 66.4% during the fourth quarter. OppenheimerFunds Inc. now owns 815,555 shares of the savings and loans company’s stock worth $21,408,000 after acquiring an additional 325,381 shares during the period. Millennium Management LLC increased its stake in shares of OceanFirst Financial by 313.9% during the fourth quarter. Millennium Management LLC now owns 314,323 shares of the savings and loans company’s stock worth $8,251,000 after acquiring an additional 238,373 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of OceanFirst Financial by 13.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,540,454 shares of the savings and loans company’s stock worth $40,437,000 after acquiring an additional 178,363 shares during the period. Clover Partners L.P. acquired a new position in shares of OceanFirst Financial during the fourth quarter worth about $3,848,000. Finally, State Street Corp increased its stake in shares of OceanFirst Financial by 23.8% during the second quarter. State Street Corp now owns 581,074 shares of the savings and loans company’s stock worth $15,758,000 after acquiring an additional 111,891 shares during the period. Institutional investors and hedge funds own 50.88% of the company’s stock.

Shares of OCFC stock opened at $27.83 on Wednesday. OceanFirst Financial has a 1-year low of $24.02 and a 1-year high of $29.46. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.59. The company has a market cap of $1,327.83, a PE ratio of 21.74, a PEG ratio of 1.42 and a beta of 0.57.

ILLEGAL ACTIVITY WARNING: This news story was originally posted by Macon Daily and is owned by of Macon Daily. If you are accessing this news story on another website, it was stolen and republished in violation of US and international copyright and trademark legislation. The legal version of this news story can be accessed at https://macondaily.com/2018/04/12/zacks-analysts-anticipate-oceanfirst-financial-corp-ocfc-will-post-quarterly-sales-of-58-24-million-updated-updated-updated.html.

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.

Get a free copy of the Zacks research report on OceanFirst Financial (OCFC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for OceanFirst Financial (NASDAQ:OCFC)

Receive News & Ratings for OceanFirst Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OceanFirst Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply