OceanFirst Financial Corp. Expected to Earn FY2024 Earnings of $1.75 Per Share (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Research analysts at DA Davidson dropped their FY2024 EPS estimates for shares of OceanFirst Financial in a research report issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now expects that the savings and loans company will earn $1.75 per share for the year, down from their previous forecast of $1.95. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.72 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2025 earnings at $2.10 EPS.

Several other research analysts have also recently issued reports on OCFC. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $19.00 target price (down from $22.00) on shares of OceanFirst Financial in a report on Monday, April 22nd. Stephens restated an “equal weight” rating and issued a $20.00 price target on shares of OceanFirst Financial in a report on Friday, April 19th. TheStreet upgraded shares of OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Raymond James lowered their price target on shares of OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. Finally, StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.20.

OceanFirst Financial Stock Up 0.9 %

Shares of OceanFirst Financial stock opened at $15.37 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98. OceanFirst Financial has a 1 year low of $12.01 and a 1 year high of $19.58. The firm’s 50-day moving average is $15.31 and its two-hundred day moving average is $15.41. The stock has a market cap of $914.98 million, a price-to-earnings ratio of 8.99 and a beta of 1.00.

OceanFirst Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.20%. The ex-dividend date is Friday, May 3rd. OceanFirst Financial’s payout ratio is currently 46.78%.

Hedge Funds Weigh In On OceanFirst Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new position in shares of OceanFirst Financial in the 3rd quarter valued at approximately $34,000. International Assets Investment Management LLC raised its position in shares of OceanFirst Financial by 1,240.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company’s stock valued at $60,000 after purchasing an additional 3,213 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its position in shares of OceanFirst Financial by 19.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock valued at $139,000 after purchasing an additional 1,550 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of OceanFirst Financial in the 3rd quarter valued at approximately $176,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of OceanFirst Financial by 42.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,725 shares of the savings and loans company’s stock valued at $184,000 after purchasing an additional 3,796 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

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.