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.
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.
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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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