OceanFirst Financial Corp. (NASDAQ:OCFC) – Analysts at Boenning Scattergood lifted their Q3 2020 earnings estimates for shares of OceanFirst Financial in a research note issued to investors on Monday, August 12th. Boenning Scattergood analyst E. Zwick now forecasts that the savings and loans company will post earnings per share of $0.54 for the quarter, up from their previous estimate of $0.53. Boenning Scattergood has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for OceanFirst Financial’s Q4 2020 earnings at $0.57 EPS and FY2020 earnings at $2.08 EPS.
OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.04). The company had revenue of $74.72 million for the quarter, compared to analyst estimates of $77.38 million. OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%.
Shares of OceanFirst Financial stock opened at $21.19 on Thursday. The stock’s fifty day moving average is $24.33 and its 200-day moving average is $24.59. The firm has a market capitalization of $1.12 billion, a PE ratio of 10.70, a price-to-earnings-growth ratio of 1.06 and a beta of 0.73. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.50. OceanFirst Financial has a 12-month low of $20.74 and a 12-month high of $29.71.
Several hedge funds have recently modified their holdings of the company. Mercer Capital Advisers Inc. grew its holdings in shares of OceanFirst Financial by 1.6% during the first quarter. Mercer Capital Advisers Inc. now owns 43,625 shares of the savings and loans company’s stock valued at $1,050,000 after buying an additional 675 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of OceanFirst Financial by 12.7% during the fourth quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock valued at $187,000 after buying an additional 934 shares in the last quarter. Quantamental Technologies LLC purchased a new position in shares of OceanFirst Financial during the second quarter valued at $36,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of OceanFirst Financial by 73.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock valued at $93,000 after buying an additional 1,585 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of OceanFirst Financial by 1.4% during the second quarter. Bessemer Group Inc. now owns 119,400 shares of the savings and loans company’s stock valued at $2,967,000 after buying an additional 1,700 shares in the last quarter. Institutional investors and hedge funds own 68.56% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Monday, August 5th were issued a dividend of $0.17 per share. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, August 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.21%. OceanFirst Financial’s payout ratio is currently 34.34%.
About OceanFirst Financial
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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