Brokerages Expect OceanFirst Financial Corp. (NASDAQ:OCFC) Will Post Earnings of $0.51 Per Share

Equities research analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to report earnings of $0.51 per share for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for OceanFirst Financial’s earnings, with estimates ranging from $0.50 to $0.51. OceanFirst Financial posted earnings of $0.53 per share during the same quarter last year, which indicates a negative year over year growth rate of 3.8%. The firm is expected to report its next earnings report after the market closes on Thursday, October 24th.

On average, analysts expect that OceanFirst Financial will report full year earnings of $2.06 per share for the current year, with EPS estimates ranging from $2.05 to $2.07. For the next year, analysts expect that the company will post earnings of $2.13 per share, with EPS estimates ranging from $2.10 to $2.14. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that that provide coverage for OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.04). The business had revenue of $74.72 million during the quarter, compared to the consensus estimate of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%.

A number of research firms recently weighed in on OCFC. Zacks Investment Research raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods cut shares of OceanFirst Financial from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $29.00 to $26.50 in a research note on Monday, July 29th. Raymond James raised shares of OceanFirst Financial from an “outperform” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research note on Thursday, August 29th. They noted that the move was a valuation call. ValuEngine upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 4th. Finally, BidaskClub lowered shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $25.60.

NASDAQ OCFC traded up $0.19 on Tuesday, reaching $23.79. The company’s stock had a trading volume of 118,937 shares, compared to its average volume of 229,145. The firm has a market cap of $1.21 billion, a PE ratio of 12.02 and a beta of 0.78. The business has a 50-day moving average price of $22.80 and a 200 day moving average price of $23.86. OceanFirst Financial has a 52 week low of $20.46 and a 52 week high of $26.81. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50.

Large investors have recently added to or reduced their stakes in the business. Quantamental Technologies LLC acquired a new position in OceanFirst Financial in the second quarter valued at about $36,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in OceanFirst Financial by 73.3% in 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. Bank of Montreal Can boosted its position in OceanFirst Financial by 423,900.0% in the second quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock valued at $105,000 after buying an additional 4,239 shares in the last quarter. Aperio Group LLC acquired a new position in OceanFirst Financial in the second quarter valued at about $225,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in OceanFirst Financial in the second quarter valued at about $233,000. Hedge funds and other institutional investors own 69.14% of the company’s stock.

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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