Q1 2018 EPS Estimates for OceanFirst Financial Corp. Lowered by Analyst (OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – FIG Partners cut their Q1 2018 earnings estimates for OceanFirst Financial in a research report issued on Friday. FIG Partners analyst D. Bishop now anticipates that the savings and loans company will post earnings of $0.37 per share for the quarter, down from their previous forecast of $0.39. FIG Partners also issued estimates for OceanFirst Financial’s FY2018 earnings at $1.74 EPS and FY2019 earnings at $2.05 EPS.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.45. The business had revenue of $49.25 million for the quarter, compared to analysts’ expectations of $50.52 million. OceanFirst Financial had a net margin of 19.67% and a return on equity of 9.54%.

A number of other brokerages have also issued reports on OCFC. Piper Jaffray Companies reiterated a “buy” rating and issued a $31.00 target price on shares of OceanFirst Financial in a research report on Friday, October 27th. BidaskClub lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Saturday, January 20th. ValuEngine upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Thursday, November 2nd. Finally, Hovde Group assumed coverage on shares of OceanFirst Financial in a research report on Monday, October 9th. They issued an “outperform” rating and a $32.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $31.83.

OceanFirst Financial (OCFC) opened at $26.85 on Monday. The stock has a market cap of $874.19, a PE ratio of 20.98, a P/E/G ratio of 1.49 and a beta of 0.60. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.94 and a quick ratio of 0.94. OceanFirst Financial has a 12-month low of $24.02 and a 12-month high of $30.65.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Monday, February 5th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.60 dividend on an annualized basis and a yield of 2.23%. OceanFirst Financial’s dividend payout ratio is presently 46.88%.

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

Large investors have recently bought and sold shares of the company. Northern Trust Corp boosted its position in shares of OceanFirst Financial by 9.5% during the 2nd quarter. Northern Trust Corp now owns 668,839 shares of the savings and loans company’s stock valued at $18,139,000 after purchasing an additional 58,097 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in shares of OceanFirst Financial by 49.9% during the 3rd quarter. Commonwealth Equity Services Inc now owns 53,612 shares of the savings and loans company’s stock valued at $1,473,000 after purchasing an additional 17,837 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of OceanFirst Financial during the 3rd quarter valued at about $366,000. California Public Employees Retirement System boosted its position in shares of OceanFirst Financial by 10.5% during the 3rd quarter. California Public Employees Retirement System now owns 52,115 shares of the savings and loans company’s stock valued at $1,433,000 after purchasing an additional 4,961 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of OceanFirst Financial by 10.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 109,614 shares of the savings and loans company’s stock valued at $2,973,000 after purchasing an additional 10,570 shares in the last quarter. Institutional investors own 70.95% of the company’s stock.

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About OceanFirst Financial

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.

Earnings History and Estimates for OceanFirst Financial (NASDAQ:OCFC)

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