OceanFirst Financial Corp. (NASDAQ:OCFC) Forecasted to Post Q2 2024 Earnings of $0.43 Per Share

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities researchers at DA Davidson decreased their Q2 2024 earnings per share estimates for shares of OceanFirst Financial in a report released on Thursday, June 27th. DA Davidson analyst M. Navas now forecasts that the savings and loans company will post earnings of $0.43 per share for the quarter, down from their previous forecast of $0.45. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.69 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.72 EPS and FY2025 earnings at $2.05 EPS.

OCFC has been the topic of several other research reports. StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Monday, April 22nd. Stephens restated an “equal weight” rating and set a $20.00 price objective on shares of OceanFirst Financial in a research report on Friday, April 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $18.00 target price (down previously from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Finally, Raymond James lowered their price target on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.00.

OceanFirst Financial Trading Up 1.7 %

Shares of NASDAQ:OCFC opened at $15.75 on Monday. OceanFirst Financial has a 1 year low of $12.01 and a 1 year high of $19.58. The stock’s fifty day moving average price is $15.11 and its 200-day moving average price is $15.76. The company has a market cap of $924.68 million, a P/E ratio of 9.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.00 and a quick ratio of 0.99.

OceanFirst Financial (NASDAQ:OCFC) last issued its earnings results on Thursday, April 18th. The savings and loans company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. OceanFirst Financial had a return on equity of 6.17% and a net margin of 15.54%. The business had revenue of $98.51 million for the quarter, compared to the consensus estimate of $95.45 million.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OCFC. Charles Schwab Investment Management Inc. lifted its holdings in OceanFirst Financial by 20.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock valued at $14,485,000 after purchasing an additional 139,047 shares in the last quarter. Quest Partners LLC purchased a new stake in OceanFirst Financial during the 4th quarter valued at approximately $830,000. Eagle Wealth Strategies LLC bought a new stake in shares of OceanFirst Financial during the fourth quarter valued at approximately $946,000. GSA Capital Partners LLP purchased a new position in shares of OceanFirst Financial in the third quarter worth $1,015,000. Finally, Federated Hermes Inc. bought a new position in shares of OceanFirst Financial during the fourth quarter worth $1,701,000. 70.98% of the stock is currently owned by institutional investors.

Insider Transactions at OceanFirst Financial

In other news, EVP Brian Schaeffer sold 3,500 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $15.49, for a total value of $54,215.00. Following the completion of the sale, the executive vice president now directly owns 41,868 shares in the company, valued at approximately $648,535.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.00% of the company’s stock.

OceanFirst Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were given a $0.20 dividend. The ex-dividend date was Friday, May 3rd. This represents a $0.80 annualized dividend and a yield of 5.08%. OceanFirst Financial’s payout ratio is presently 46.78%.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.