Equities analysts forecast that OceanFirst Financial Corp. (NASDAQ:OCFC) will announce earnings of $0.51 per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for OceanFirst Financial’s earnings. The highest EPS estimate is $0.51 and the lowest is $0.50. OceanFirst Financial posted earnings of $0.53 per share in the same quarter last year, which would indicate a negative year over year growth rate of 3.8%. The business is scheduled to report its next quarterly earnings results after the market closes on Thursday, October 24th.
According to Zacks, analysts expect that OceanFirst Financial will report full year earnings of $2.06 per share for the current year, with EPS estimates ranging from $2.05 to $2.07. For the next year, analysts expect that the business will report earnings of $2.13 per share, with EPS estimates ranging from $2.10 to $2.14. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). The business had revenue of $74.72 million during the quarter, compared to analyst estimates of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%.
Several brokerages have weighed in on OCFC. Keefe, Bruyette & Woods downgraded OceanFirst Financial from an “outperform” rating to a “market perform” rating and cut their price target for the company from $29.00 to $26.50 in a report on Monday, July 29th. Sandler O’Neill lowered shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Raymond James upgraded shares of OceanFirst Financial from an “outperform” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research note on Thursday, August 29th. They noted that the move was a valuation call. ValuEngine upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. Finally, BidaskClub lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $25.60.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC acquired a new stake in OceanFirst Financial in the 2nd quarter worth $36,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in OceanFirst Financial by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock worth $93,000 after purchasing an additional 1,585 shares during the last quarter. Bank of Montreal Can grew its position in OceanFirst Financial by 423,900.0% in the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock worth $105,000 after purchasing an additional 4,239 shares during the last quarter. Aperio Group LLC acquired a new stake in OceanFirst Financial in the 2nd quarter worth $225,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in OceanFirst Financial in the 2nd quarter worth $233,000. Institutional investors own 69.10% of the company’s stock.
OCFC traded up $0.02 during trading on Tuesday, hitting $23.99. The company’s stock had a trading volume of 170,834 shares, compared to its average volume of 177,373. The firm’s 50 day moving average price is $23.01 and its 200-day moving average price is $23.85. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $1.22 billion, a PE ratio of 12.12 and a beta of 0.78. OceanFirst Financial has a twelve month low of $20.46 and a twelve month high of $26.81.
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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