$58.24 Million in Sales Expected for OceanFirst Financial Corp. (OCFC) This Quarter

Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to report sales of $58.24 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for OceanFirst Financial’s earnings, with estimates ranging from $57.18 million to $59.30 million. OceanFirst Financial reported sales of $47.48 million in the same quarter last year, which indicates a positive year over year growth rate of 22.7%. The firm is scheduled to announce its next quarterly earnings report on Thursday, April 26th.

According to Zacks, analysts expect that OceanFirst Financial will report full year sales of $58.24 million for the current fiscal year, with estimates ranging from $270.97 million to $278.60 million. For the next financial year, analysts anticipate that the business will post sales of $300.92 million per share, with estimates ranging from $294.23 million to $307.60 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.45 earnings per share for the quarter, hitting the 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 during the quarter, compared to analysts’ expectations of $50.52 million.

Several equities analysts recently weighed in on OCFC shares. BidaskClub cut OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Saturday, January 20th. Zacks Investment Research raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Thursday, November 2nd. ValuEngine raised OceanFirst Financial from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $37.00 price objective on shares of OceanFirst Financial in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.83.

In related news, Director Steven E. Brady sold 20,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $26.02, for a total transaction of $520,400.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph J. Burke sold 1,490 shares of the business’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $26.73, for a total value of $39,827.70. The disclosure for this sale can be found here. Insiders have sold 26,490 shares of company stock worth $692,228 over the last 90 days. Corporate insiders own 7.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of OCFC. OppenheimerFunds Inc. increased its stake in OceanFirst Financial by 66.4% during the fourth quarter. OppenheimerFunds Inc. now owns 815,555 shares of the savings and loans company’s stock valued at $21,408,000 after acquiring an additional 325,381 shares during the period. Millennium Management LLC grew its stake in shares of OceanFirst Financial by 313.9% in the 4th quarter. Millennium Management LLC now owns 314,323 shares of the savings and loans company’s stock valued at $8,251,000 after purchasing an additional 238,373 shares during the period. Janus Henderson Group PLC bought a new stake in shares of OceanFirst Financial in the 2nd quarter valued at approximately $6,326,000. Lord Abbett & CO. LLC grew its stake in shares of OceanFirst Financial by 303.8% in the 2nd quarter. Lord Abbett & CO. LLC now owns 299,345 shares of the savings and loans company’s stock valued at $8,118,000 after purchasing an additional 225,211 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of OceanFirst Financial by 13.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,540,454 shares of the savings and loans company’s stock valued at $40,437,000 after purchasing an additional 178,363 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

OceanFirst Financial (OCFC) opened at $26.41 on Thursday. OceanFirst Financial has a 12-month low of $24.02 and a 12-month high of $30.65. 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 firm has a market capitalization of $860.50, a PE ratio of 20.63, a P/E/G ratio of 1.37 and a beta of 0.56.

The company also recently declared 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. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.60 annualized dividend and a yield of 2.27%. OceanFirst Financial’s dividend payout ratio is 46.88%.

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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.

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

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