Wall Street brokerages expect that OceanFirst Financial Corp. (NASDAQ:OCFC) will post sales of $50.52 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for OceanFirst Financial’s earnings. The highest sales estimate is $51.10 million and the lowest is $49.94 million. OceanFirst Financial posted sales of $42.01 million during the same quarter last year, which would indicate a positive year over year growth rate of 20.3%. The business is expected to issue its next quarterly earnings report on Thursday, January 25th.

On average, analysts expect that OceanFirst Financial will report full year sales of $50.52 million for the current fiscal year, with estimates ranging from $196.98 million to $198.10 million. For the next financial year, analysts expect that the firm will report sales of $281.22 million per share, with estimates ranging from $279.23 million to $283.20 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $50.42 million during the quarter, compared to analyst estimates of $50.41 million. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%.

Several equities research analysts have recently weighed in on the company. DA Davidson assumed coverage on OceanFirst Financial in a research note on Thursday, September 21st. They set a “buy” rating and a $31.00 price objective for the company. BidaskClub lowered OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Sandler O’Neill raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, September 20th. Piper Jaffray Companies reissued a “buy” rating and set a $31.00 price objective on shares of OceanFirst Financial in a research note on Friday, October 27th. Finally, ValuEngine raised OceanFirst Financial from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $31.00.

In other news, Director Steven E. Brady sold 2,800 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total value of $77,420.00. Following the completion of the sale, the director now owns 72,562 shares of the company’s stock, valued at $2,006,339.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 7.00% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. California Public Employees Retirement System boosted its position in shares of OceanFirst Financial by 10.5% in the third quarter. California Public Employees Retirement System now owns 52,115 shares of the savings and loans company’s stock worth $1,433,000 after buying an additional 4,961 shares during the period. First Republic Investment Management Inc. acquired a new stake in shares of OceanFirst Financial in the third quarter worth $224,000. Dimensional Fund Advisors LP raised its holdings in shares of OceanFirst Financial by 7.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,442,218 shares of the savings and loans company’s stock worth $39,647,000 after acquiring an additional 97,697 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of OceanFirst Financial by 12.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 123,572 shares of the savings and loans company’s stock worth $3,397,000 after acquiring an additional 13,958 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of OceanFirst Financial by 19.8% during the third quarter. Wells Fargo & Company MN now owns 146,650 shares of the savings and loans company’s stock worth $4,032,000 after acquiring an additional 24,218 shares in the last quarter. 70.93% of the stock is owned by institutional investors and hedge funds.

OceanFirst Financial (NASDAQ:OCFC) opened at $26.99 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $912.31, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.65 and a beta of 0.60. OceanFirst Financial has a one year low of $24.02 and a one year high of $30.70.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were given a $0.15 dividend. The ex-dividend date was Friday, November 3rd. This represents a $0.60 annualized dividend and a dividend yield of 2.22%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 50.00%.

ILLEGAL ACTIVITY WARNING: This story was first posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another website, it was copied illegally and reposted in violation of U.S. and international copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/12/09/brokerages-expect-oceanfirst-financial-corp-ocfc-will-announce-quarterly-sales-of-50-52-million.html.

OceanFirst Financial Company Profile

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.

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