$0.51 Earnings Per Share Expected for OceanFirst Financial Corp. (OCFC) This Quarter

Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to announce $0.51 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for OceanFirst Financial’s earnings. The highest EPS estimate is $0.53 and the lowest is $0.49. OceanFirst Financial posted earnings per share of $0.45 during the same quarter last year, which indicates a positive year over year growth rate of 13.3%. The company is scheduled to report its next earnings report after the market closes on Thursday, April 25th.

According to Zacks, analysts expect that OceanFirst Financial will report full year earnings of $2.18 per share for the current financial year, with EPS estimates ranging from $2.15 to $2.22. For the next fiscal year, analysts anticipate that the firm will report earnings of $2.29 per share, with EPS estimates ranging from $2.25 to $2.34. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, January 24th. The savings and loans company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The firm had revenue of $70.59 million during the quarter, compared to analysts’ expectations of $72.11 million. OceanFirst Financial had a net margin of 23.09% and a return on equity of 9.21%.

OCFC has been the topic of a number of research reports. Boenning Scattergood lowered OceanFirst Financial from an “outperform” rating to a “neutral” rating in a report on Monday, March 4th. ValuEngine lowered OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday, March 5th. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Wednesday, December 19th. Finally, BidaskClub upgraded OceanFirst Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday, March 19th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $32.60.

In other news, insider Grace Vallacchi sold 1,700 shares of OceanFirst Financial stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $24.75, for a total transaction of $42,075.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael D. Devlin sold 46,709 shares of OceanFirst Financial stock in a transaction on Monday, February 11th. The stock was sold at an average price of $25.07, for a total value of $1,170,994.63. The disclosure for this sale can be found here. Insiders sold a total of 53,884 shares of company stock worth $1,350,695 in the last 90 days. 3.80% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of OCFC. Oppenheimer Asset Management Inc. purchased a new position in shares of OceanFirst Financial during the 4th quarter worth $25,000. Amundi Pioneer Asset Management Inc. purchased a new position in shares of OceanFirst Financial during the 4th quarter worth $108,000. Legal & General Group Plc raised its holdings in shares of OceanFirst Financial by 12.7% during the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock worth $187,000 after acquiring an additional 934 shares during the period. Sciencast Management LP purchased a new position in shares of OceanFirst Financial during the 1st quarter worth $228,000. Finally, GW&K Investment Management LLC purchased a new position in shares of OceanFirst Financial during the 4th quarter worth $238,000. Institutional investors and hedge funds own 70.04% of the company’s stock.

Shares of OCFC stock opened at $24.94 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.13 and a beta of 0.75. OceanFirst Financial has a fifty-two week low of $21.30 and a fifty-two week high of $30.90.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

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

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