Q2 2024 Earnings Estimate for OceanFirst Financial Corp. (NASDAQ:OCFC) Issued By DA Davidson

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of OceanFirst Financial in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst M. Navas forecasts that the savings and loans company will earn $0.45 per share for the quarter. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share.

OCFC has been the subject of a number of other research reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $19.00 target price (down previously from $22.00) on shares of OceanFirst Financial in a report on Monday. StockNews.com upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday. Raymond James decreased their price objective on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a report on Monday. TheStreet upgraded OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Finally, Stephens restated an “equal weight” rating and issued a $20.00 price objective on shares of OceanFirst Financial in a report on Friday, April 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.20.

OceanFirst Financial Price Performance

OCFC stock opened at $15.44 on Wednesday. The stock has a 50-day moving average price of $15.33 and a two-hundred day moving average price of $15.40. The stock has a market cap of $919.14 million, a PE ratio of 9.03 and a beta of 1.00. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. OceanFirst Financial has a 1 year low of $12.01 and a 1 year high of $19.58.

Institutional Investors Weigh In On OceanFirst Financial

Several hedge funds have recently bought and sold shares of OCFC. AQR Capital Management LLC lifted its stake in OceanFirst Financial by 143.3% in the 3rd quarter. AQR Capital Management LLC now owns 380,529 shares of the savings and loans company’s stock valued at $5,506,000 after purchasing an additional 224,146 shares during the last quarter. Knights of Columbus Asset Advisors LLC lifted its stake in OceanFirst Financial by 164.9% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 295,234 shares of the savings and loans company’s stock valued at $5,125,000 after purchasing an additional 183,796 shares during the last quarter. Boston Partners lifted its position in OceanFirst Financial by 11.1% during the third quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock worth $19,660,000 after acquiring an additional 139,646 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in OceanFirst Financial by 20.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock worth $14,485,000 after acquiring an additional 139,047 shares during the last quarter. Finally, Federated Hermes Inc. acquired a new stake in OceanFirst Financial during the fourth quarter worth approximately $1,701,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.80 annualized dividend and a yield of 5.18%. OceanFirst Financial’s dividend payout ratio (DPR) is currently 46.78%.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services to retail and commercial customers. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits, that includes brokered deposits to retail, government, and business customers.