OceanFirst Financial Corp. (OCFC) Expected to Announce Quarterly Sales of $50.41 Million
Equities analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to post $50.41 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for OceanFirst Financial Corp.’s earnings, with the highest sales estimate coming in at $50.62 million and the lowest estimate coming in at $50.20 million. OceanFirst Financial Corp. reported sales of $39.83 million during the same quarter last year, which indicates a positive year over year growth rate of 26.6%. The company is expected to issue its next earnings results after the market closes on Thursday, October 26th.
According to Zacks, analysts expect that OceanFirst Financial Corp. will report full year sales of $50.41 million for the current financial year, with estimates ranging from $198.00 million to $198.72 million. For the next financial year, analysts anticipate that the firm will post sales of $281.78 million per share, with estimates ranging from $281.76 million to $281.80 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow OceanFirst Financial Corp..
Several equities research analysts have commented on OCFC shares. Zacks Investment Research downgraded OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a report on Friday, September 8th. BidaskClub downgraded OceanFirst Financial Corp. from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. DA Davidson started coverage on OceanFirst Financial Corp. in a report on Thursday, September 21st. They issued a “buy” rating and a $31.00 target price on the stock. Sandler O’Neill raised OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, September 20th. Finally, Hovde Group initiated coverage on OceanFirst Financial Corp. in a research note on Monday. They issued an “outperform” rating and a $32.00 price target for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $30.80.
A number of institutional investors have recently bought and sold shares of OCFC. Sei Investments Co. increased its position in 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 valued at $102,000 after acquiring an additional 1,684 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in 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 valued at $107,000 after acquiring an additional 3,786 shares during the last quarter. Legal & General Group Plc increased its position in 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 valued at $184,000 after acquiring an additional 418 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in OceanFirst Financial Corp. during the first quarter valued at $228,000. Finally, Voya Investment Management LLC increased its position in 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 valued at $388,000 after acquiring an additional 1,683 shares during the last quarter. Institutional investors own 67.78% of the company’s stock.
Shares of OceanFirst Financial Corp. (NASDAQ:OCFC) opened at 27.83 on Friday. The stock has a market capitalization of $893.96 million, a price-to-earnings ratio of 24.05 and a beta of 0.64. OceanFirst Financial Corp. has a 52-week low of $19.02 and a 52-week high of $30.70. The company has a 50-day moving average price of $26.05 and a 200-day moving average price of $26.81.
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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