Analysts predict that OceanFirst Financial Corp. (NASDAQ:OCFC) will post $77.38 million in sales for the current quarter, Zacks reports. Five analysts have made estimates for OceanFirst Financial’s earnings. The highest sales estimate is $78.24 million and the lowest is $76.70 million. OceanFirst Financial posted sales of $70.33 million in the same quarter last year, which suggests a positive year-over-year growth rate of 10%. The company is scheduled to issue its next earnings results on Thursday, July 25th.
On average, analysts expect that OceanFirst Financial will report full-year sales of $309.01 million for the current year, with estimates ranging from $307.51 million to $312.46 million. For the next financial year, analysts expect that the company will post sales of $324.05 million, with estimates ranging from $319.47 million to $332.86 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, April 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.51. The business had revenue of $73.90 million for the quarter, compared to the consensus estimate of $73.12 million. OceanFirst Financial had a net margin of 26.92% and a return on equity of 9.47%.
OCFC has been the topic of several research reports. Boenning Scattergood downgraded shares of OceanFirst Financial from an “outperform” rating to a “neutral” rating in a research report on Monday, March 4th. ValuEngine downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Zacks Investment Research downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th. Finally, BidaskClub upgraded shares of OceanFirst Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $32.60.
In other OceanFirst Financial news, insider Grace Vallacchi sold 1,700 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $24.75, for a total transaction of $42,075.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Joseph R. Iantosca sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $25.25, for a total transaction of $75,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,975 shares of company stock worth $199,788. Corporate insiders own 3.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. acquired a new position in OceanFirst Financial during the 4th quarter valued at about $25,000. PNC Financial Services Group Inc. acquired a new position in OceanFirst Financial during the 1st quarter valued at about $77,000. Amundi Pioneer Asset Management Inc. acquired a new position in OceanFirst Financial during the 4th quarter valued at about $108,000. Great West Life Assurance Co. Can lifted its position in OceanFirst Financial by 57.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 6,195 shares of the savings and loans company’s stock valued at $148,000 after purchasing an additional 2,263 shares during the period. Finally, SG Americas Securities LLC acquired a new position in OceanFirst Financial during the 1st quarter valued at about $191,000. Institutional investors own 69.38% of the company’s stock.
NASDAQ OCFC traded up $0.01 on Friday, hitting $24.65. 87,600 shares of the company were exchanged, compared to its average volume of 149,777. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.12 and a beta of 0.75. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. OceanFirst Financial has a 1-year low of $21.30 and a 1-year high of $30.90.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 2.76%. OceanFirst Financial’s payout ratio is presently 34.34%.
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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