OceanFirst Financial Corp. (NASDAQ:OCFC) to Post Q2 2024 Earnings of $0.45 Per Share, DA Davidson Forecasts

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

Other analysts also recently issued reports about the stock. TheStreet raised shares of OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Stephens reissued an “equal weight” rating and issued a $20.00 price target on shares of OceanFirst Financial in a research note on Friday, April 19th. StockNews.com raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price target (down from $22.00) on shares of OceanFirst Financial in a research note on Monday. Finally, Raymond James lowered their price target on shares of OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.20.

OceanFirst Financial Stock Performance

NASDAQ OCFC opened at $15.23 on Wednesday. OceanFirst Financial has a 52-week low of $12.01 and a 52-week high of $19.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $906.64 million, a P/E ratio of 8.91 and a beta of 1.00. The company has a fifty day moving average of $15.32 and a 200-day moving average of $15.40.

Hedge Funds Weigh In On OceanFirst Financial

Hedge funds have recently modified their holdings of the company. CRA Financial Services LLC increased its position in shares of OceanFirst Financial by 2.8% during the fourth quarter. CRA Financial Services LLC now owns 25,314 shares of the savings and loans company’s stock valued at $439,000 after buying an additional 696 shares during the period. Strs Ohio increased its position in shares of OceanFirst Financial by 1.9% during the fourth quarter. Strs Ohio now owns 42,300 shares of the savings and loans company’s stock valued at $734,000 after buying an additional 800 shares during the period. PNC Financial Services Group Inc. increased its position in shares of OceanFirst Financial by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock valued at $303,000 after buying an additional 1,016 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in shares of OceanFirst Financial by 19.3% during the third 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 buying an additional 1,550 shares during the period. Finally, Swiss National Bank increased its position in shares of OceanFirst Financial by 1.5% during the third quarter. Swiss National Bank now owns 130,733 shares of the savings and loans company’s stock valued at $1,892,000 after buying an additional 1,900 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

OceanFirst Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s payout ratio is 46.78%.

OceanFirst Financial Company Profile

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.