DA Davidson Weighs in on OceanFirst Financial Corp.’s FY2017 Earnings (OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Research analysts at DA Davidson dropped their FY2017 earnings estimates for shares of OceanFirst Financial Corp. in a research note issued to investors on Monday. DA Davidson analyst R. Gunther now forecasts that the savings and loans company will earn $1.70 per share for the year, down from their previous estimate of $1.75. DA Davidson has a “Buy” rating and a $31.00 price target on the stock. DA Davidson also issued estimates for OceanFirst Financial Corp.’s Q1 2018 earnings at $0.32 EPS, Q2 2018 earnings at $0.45 EPS and FY2018 earnings at $1.80 EPS.

OceanFirst Financial Corp. (NASDAQ:OCFC) last issued its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The business had revenue of $50.42 million during the quarter, compared to analysts’ expectations of $50.41 million. OceanFirst Financial Corp. had a return on equity of 8.93% and a net margin of 18.59%. WARNING: “DA Davidson Weighs in on OceanFirst Financial Corp.’s FY2017 Earnings (OCFC)” was published by Community Financial News and is the property of of Community Financial News. If you are reading this report on another publication, it was illegally copied and republished in violation of United States and international copyright and trademark law. The legal version of this report can be viewed at https://www.com-unik.info/2017/11/02/da-davidson-weighs-in-on-oceanfirst-financial-corp-s-fy2017-earnings-ocfc.html.

Several other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Sandler O’Neill upgraded shares of OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Wednesday, September 20th. Zacks Investment Research downgraded shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. Hovde Group initiated coverage on shares of OceanFirst Financial Corp. in a research note on Monday, October 9th. They issued an “outperform” rating and a $32.00 target price for the company. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $31.00 target price on shares of OceanFirst Financial Corp. in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $31.00.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Monday, November 6th will be issued a $0.15 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.60 annualized dividend and a yield of 2.16%. OceanFirst Financial Corp.’s dividend payout ratio is currently 50.00%.

In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 3,825 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $24.89, for a total value of $95,204.25. Following the transaction, the director now directly owns 67,177 shares of the company’s stock, valued at approximately $1,672,035.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.00% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. Northern Trust Corp raised its holdings in OceanFirst Financial Corp. by 9.5% in the 2nd quarter. Northern Trust Corp now owns 668,839 shares of the savings and loans company’s stock valued at $18,139,000 after acquiring an additional 58,097 shares during the period. Teachers Advisors LLC raised its holdings in OceanFirst Financial Corp. by 14.7% in the 1st quarter. Teachers Advisors LLC now owns 44,235 shares of the savings and loans company’s stock valued at $1,246,000 after acquiring an additional 5,673 shares during the period. Parametric Portfolio Associates LLC raised its holdings in OceanFirst Financial Corp. by 13.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 51,673 shares of the savings and loans company’s stock valued at $1,456,000 after acquiring an additional 5,932 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in OceanFirst Financial Corp. by 5.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 99,044 shares of the savings and loans company’s stock valued at $2,791,000 after acquiring an additional 5,130 shares during the period. Finally, Credit Suisse AG raised its holdings in OceanFirst Financial Corp. by 25.5% in the 1st quarter. Credit Suisse AG now owns 22,606 shares of the savings and loans company’s stock valued at $637,000 after acquiring an additional 4,594 shares during the period. 67.45% of the stock is currently owned by hedge funds and other institutional investors.

About OceanFirst Financial Corp.

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.

Earnings History and Estimates for OceanFirst Financial Corp. (NASDAQ:OCFC)

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