$0.45 Earnings Per Share Expected for OceanFirst Financial Corp. (OCFC) This Quarter
Equities research analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will report earnings per share of $0.45 for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for OceanFirst Financial Corp.’s earnings, with the highest EPS estimate coming in at $0.46 and the lowest estimate coming in at $0.43. OceanFirst Financial Corp. posted earnings per share of $0.35 in the same quarter last year, which suggests a positive year over year growth rate of 28.6%. The company is expected to announce its next quarterly earnings report after the market closes on Thursday, October 26th.
According to Zacks, analysts expect that OceanFirst Financial Corp. will report full-year earnings of $1.50 per share for the current fiscal year, with EPS estimates ranging from $1.49 to $1.51. For the next year, analysts expect that the company will report earnings of $1.63 per share, with EPS estimates ranging from $1.43 to $1.82. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow OceanFirst Financial Corp..
Several research analysts have commented on the company. Hovde Group assumed coverage on OceanFirst Financial Corp. in a report on Monday. They set an “outperform” rating and a $32.00 price objective on the stock. Zacks Investment Research cut OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub cut OceanFirst Financial Corp. from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. DA Davidson initiated coverage on OceanFirst Financial Corp. in a report on Thursday, September 21st. They issued a “buy” rating and a $31.00 price objective for the company. Finally, Sandler O’Neill raised OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. OceanFirst Financial Corp. presently has an average rating of “Buy” and a consensus target price of $30.80.
In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 3,825 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $24.89, for a total transaction of $95,204.25. Following the transaction, the director now directly owns 67,177 shares in the company, valued at $1,672,035.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.00% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Sei Investments Co. grew its holdings in shares of OceanFirst Financial Corp. by 80.5% during the second quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after purchasing an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of OceanFirst Financial Corp. by 2,366.3% during the second quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock worth $107,000 after buying an additional 3,786 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of OceanFirst Financial Corp. by 6.8% during the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after buying an additional 418 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of OceanFirst Financial Corp. during the first quarter worth about $228,000. Finally, Voya Investment Management LLC grew its holdings in shares of OceanFirst Financial Corp. by 13.3% during the second quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after buying an additional 1,683 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.
Shares of OceanFirst Financial Corp. (OCFC) opened at 28.14 on Wednesday. The company’s 50 day moving average is $25.87 and its 200 day moving average is $26.79. The company has a market capitalization of $903.91 million, a P/E ratio of 24.32 and a beta of 0.64. OceanFirst Financial Corp. has a 12-month low of $19.02 and a 12-month high of $30.70.
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About OceanFirst Financial Corp.
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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