Equities analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will report $50.52 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for OceanFirst Financial’s earnings. The highest sales estimate is $51.10 million and the lowest is $49.94 million. OceanFirst Financial reported sales of $42.01 million during the same quarter last year, which would suggest a positive year over year growth rate of 20.3%. The business is expected to announce its next quarterly earnings results on Thursday, January 25th.
On average, analysts expect that OceanFirst Financial will report full year sales of $50.52 million for the current year, with estimates ranging from $196.98 million to $198.10 million. For the next fiscal year, analysts forecast that the business will report sales of $281.22 million per share, with estimates ranging from $279.23 million to $283.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The company had revenue of $50.42 million for the quarter, compared to analyst estimates of $50.41 million. OceanFirst Financial had a return on equity of 8.87% and a net margin of 18.59%.
A number of analysts have issued reports on the company. Piper Jaffray Companies reissued a “buy” rating and issued a $31.00 target price on shares of OceanFirst Financial in a research report on Friday, October 27th. Zacks Investment Research lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. DA Davidson assumed coverage on OceanFirst Financial in a research report on Thursday, September 21st. They issued a “buy” rating and a $31.00 target price on the stock. Sandler O’Neill raised OceanFirst Financial from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Wednesday, September 20th. Finally, ValuEngine lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. OceanFirst Financial presently has a consensus rating of “Buy” and an average target price of $31.00.
In other news, Director Steven E. Brady sold 2,800 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $27.65, for a total transaction of $77,420.00. Following the sale, the director now owns 72,562 shares of the company’s stock, valued at $2,006,339.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of OCFC. Teachers Advisors LLC increased its position in shares of OceanFirst Financial by 14.7% during the first quarter. Teachers Advisors LLC now owns 44,235 shares of the savings and loans company’s stock worth $1,246,000 after acquiring an additional 5,673 shares during the period. Legal & General Group Plc increased its position in shares of OceanFirst Financial by 6.8% during the first quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after acquiring an additional 418 shares during the period. Vanguard Group Inc. increased its position in shares of OceanFirst Financial by 5.3% during the first quarter. Vanguard Group Inc. now owns 1,151,918 shares of the savings and loans company’s stock worth $32,455,000 after acquiring an additional 58,418 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of OceanFirst Financial by 5.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 99,044 shares of the savings and loans company’s stock worth $2,791,000 after acquiring an additional 5,130 shares during the period. Finally, Bank of America Corp DE increased its position in shares of OceanFirst Financial by 55.0% during the first quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock worth $402,000 after acquiring an additional 5,054 shares during the period. 70.93% of the stock is currently owned by institutional investors and hedge funds.
Shares of OceanFirst Financial (NASDAQ:OCFC) traded down $0.16 during midday trading on Friday, reaching $26.49. The company’s stock had a trading volume of 193,766 shares, compared to its average volume of 136,515. The stock has a market capitalization of $879.40, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.59 and a beta of 0.60. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.55. OceanFirst Financial has a 52 week low of $24.02 and a 52 week high of $30.70.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Friday, November 3rd. OceanFirst Financial’s dividend payout ratio is currently 50.00%.
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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