OceanFirst Financial (NASDAQ:OCFC) Announces Earnings Results

OceanFirst Financial (NASDAQ:OCFC) released its quarterly earnings results on Thursday. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02, Zacks reports. OceanFirst Financial had a net margin of 15.28% and a return on equity of 6.08%.

OceanFirst Financial Price Performance

NASDAQ:OCFC traded up $0.15 during mid-day trading on Thursday, hitting $19.15. The company’s stock had a trading volume of 327,493 shares, compared to its average volume of 305,109. OceanFirst Financial has a fifty-two week low of $14.03 and a fifty-two week high of $21.87. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 10.94 and a beta of 1.06. The stock has a fifty day moving average of $19.18 and a 200-day moving average of $18.24.

Insider Buying and Selling

In other news, Director Joseph M. Jr. Murphy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $20.03, for a total transaction of $30,045.00. Following the completion of the sale, the director now owns 177,417 shares of the company’s stock, valued at approximately $3,553,662.51. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Piper Sandler set a $17.00 target price on shares of OceanFirst Financial and gave the company a “neutral” rating in a research note on Friday, October 18th. Raymond James upgraded shares of OceanFirst Financial from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods increased their target price on shares of OceanFirst Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, DA Davidson reiterated a “neutral” rating and issued a $22.00 target price on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.42.

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.