Analysts Anticipate OceanFirst Financial Corp. (OCFC) to Announce $0.38 Earnings Per Share

Analysts expect that OceanFirst Financial Corp. (NASDAQ:OCFC) will post earnings per share of $0.38 for the current quarter, Zacks reports. Two analysts have provided estimates for OceanFirst Financial’s earnings, with the lowest EPS estimate coming in at $0.31 and the highest estimate coming in at $0.43. OceanFirst Financial posted earnings of $0.40 per share during the same quarter last year, which would suggest a negative year over year growth rate of 5%. The firm is expected to issue its next earnings report on Thursday, April 26th.

According to Zacks, analysts expect that OceanFirst Financial will report full-year earnings of $1.90 per share for the current fiscal year, with EPS estimates ranging from $1.84 to $1.96. For the next financial year, analysts forecast that the firm will report earnings of $2.26 per share, with EPS estimates ranging from $2.20 to $2.32. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.45 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.45. OceanFirst Financial had a return on equity of 9.54% and a net margin of 19.67%. The business had revenue of $49.25 million for the quarter, compared to analyst estimates of $50.52 million.

OCFC has been the topic of several research reports. ValuEngine lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. BidaskClub raised OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research note on Friday, December 22nd. Keefe, Bruyette & Woods reissued a “buy” rating and set a $37.00 target price on shares of OceanFirst Financial in a research note on Friday, December 22nd. Zacks Investment Research raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Thursday, November 2nd. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $31.00 target price on shares of OceanFirst Financial in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. OceanFirst Financial has a consensus rating of “Buy” and a consensus target price of $31.83.

In related news, CAO Joseph R. Iantosca sold 5,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.40, for a total transaction of $132,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Brady sold 20,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.02, for a total value of $520,400.00. The disclosure for this sale can be found here. 7.00% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Voya Investment Management LLC increased its holdings in OceanFirst Financial by 13.3% during the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after purchasing an additional 1,683 shares during the period. Comerica Bank increased its holdings in OceanFirst Financial by 3.7% during the 3rd quarter. Comerica Bank now owns 53,408 shares of the savings and loans company’s stock worth $1,483,000 after purchasing an additional 1,900 shares during the period. Silver Capital Management LLC increased its holdings in OceanFirst Financial by 10.2% during the 3rd quarter. Silver Capital Management LLC now owns 20,700 shares of the savings and loans company’s stock worth $569,000 after purchasing an additional 1,910 shares during the period. California Public Employees Retirement System increased its holdings in OceanFirst Financial by 4.7% during the 2nd quarter. California Public Employees Retirement System now owns 47,154 shares of the savings and loans company’s stock worth $1,279,000 after purchasing an additional 2,100 shares during the period. Finally, Yorkville Capital Management LLC increased its holdings in OceanFirst Financial by 35.0% during the 2nd quarter. Yorkville Capital Management LLC now owns 15,800 shares of the savings and loans company’s stock worth $428,000 after purchasing an additional 4,100 shares during the period. Institutional investors own 71.11% of the company’s stock.

Shares of OceanFirst Financial (OCFC) traded up $0.03 during trading on Tuesday, hitting $26.12. The stock had a trading volume of 85,685 shares, compared to its average volume of 202,113. OceanFirst Financial has a twelve month low of $24.02 and a twelve month high of $30.65. The firm has a market cap of $843.23, a price-to-earnings ratio of 20.41, a PEG ratio of 1.36 and a beta of 0.56. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.55.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Monday, February 5th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, February 2nd. OceanFirst Financial’s payout ratio is 46.88%.

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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.

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

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