OceanFirst Financial Corp. (NASDAQ:OCFC) – Analysts at DA Davidson cut their Q4 2017 earnings per share estimates for shares of OceanFirst Financial Corp. in a note issued to investors on Monday. DA Davidson analyst R. Gunther now anticipates that the savings and loans company will post earnings per share of $0.45 for the quarter, down from their prior estimate of $0.48. DA Davidson currently has a “Buy” rating and a $31.00 price objective on the stock. DA Davidson also issued estimates for OceanFirst Financial Corp.’s Q1 2019 earnings at $0.48 EPS and Q2 2019 earnings at $0.53 EPS.
OceanFirst Financial Corp. (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.45. OceanFirst Financial Corp. had a net margin of 18.59% and a return on equity of 8.93%. The firm had revenue of $50.42 million during the quarter, compared to analysts’ expectations of $50.41 million.
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A number of other brokerages also recently issued reports on OCFC. BidaskClub downgraded OceanFirst Financial Corp. from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Sandler O’Neill upgraded OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, September 20th. Piper Jaffray Companies restated a “buy” rating and issued a $31.00 price objective on shares of OceanFirst Financial Corp. in a research note on Friday, October 27th. Zacks Investment Research upgraded OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research note on Thursday. Finally, Hovde Group initiated coverage on OceanFirst Financial Corp. in a research note on Monday, October 9th. They issued an “outperform” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. OceanFirst Financial Corp. has a consensus rating of “Buy” and a consensus target price of $31.00.
A number of large investors have recently made changes to their positions in the business. Comerica Bank grew its stake in OceanFirst Financial Corp. by 0.4% in the 2nd quarter. Comerica Bank now owns 51,508 shares of the savings and loans company’s stock valued at $1,390,000 after purchasing an additional 225 shares during the period. Legal & General Group Plc grew its stake in shares of OceanFirst Financial Corp. by 6.8% during the 1st 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. Voya Investment Management LLC grew its stake in shares of OceanFirst Financial Corp. by 13.3% during the 2nd quarter. Voya Investment Management LLC now owns 14,308 shares of the savings and loans company’s stock worth $388,000 after acquiring an additional 1,683 shares during the period. Sei Investments Co. grew its stake in shares of OceanFirst Financial Corp. by 80.5% during the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after acquiring an additional 1,684 shares during the period. Finally, Strs Ohio grew its stake in shares of OceanFirst Financial Corp. by 6.6% during the 2nd quarter. Strs Ohio now owns 29,200 shares of the savings and loans company’s stock worth $791,000 after acquiring an additional 1,800 shares during the period. Hedge funds and other institutional investors own 67.45% of the company’s stock.
In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 3,825 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $24.89, for a total value of $95,204.25. Following the completion of the transaction, the director now owns 67,177 shares in the company, valued at approximately $1,672,035.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.00% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be paid a $0.15 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 2.16%. OceanFirst Financial Corp.’s dividend payout ratio (DPR) is presently 50.00%.
OceanFirst Financial Corp. 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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