OceanFirst Financial (NASDAQ:OCFC) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

OceanFirst Financial (NASDAQ:OCFC) posted its quarterly earnings data on Thursday. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03), Yahoo Finance reports. OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.87%. The company had revenue of $170.41 million for the quarter, compared to analyst estimates of $94.93 million. During the same quarter last year, the company earned $0.46 EPS.

OceanFirst Financial Price Performance

Shares of NASDAQ OCFC opened at $17.41 on Friday. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 10.18 and a beta of 1.03. OceanFirst Financial has a 12 month low of $12.01 and a 12 month high of $19.58. The firm’s 50 day simple moving average is $15.47 and its 200-day simple moving average is $15.71. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Monday, August 5th will be issued a $0.20 dividend. The ex-dividend date is Monday, August 5th. This represents a $0.80 annualized dividend and a yield of 4.60%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 46.78%.

Analysts Set New Price Targets

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

Insider Transactions at OceanFirst Financial

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

About OceanFirst Financial

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.