OceanFirst Financial (NASDAQ:OCFC) Announces Quarterly Earnings Results

OceanFirst Financial (NASDAQ:OCFC) announced its earnings results on Tuesday. The savings and loans company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.08, FiscalAI reports. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. The company had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million.

OceanFirst Financial Stock Performance

OCFC stock traded up $0.19 during trading on Tuesday, reaching $16.67. The company had a trading volume of 1,357,003 shares, compared to its average volume of 902,795. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 19.61 and a beta of 1.02. OceanFirst Financial has a twelve month low of $15.60 and a twelve month high of $20.61. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50-day simple moving average of $17.64 and a 200-day simple moving average of $18.47.

OceanFirst Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were paid a $0.20 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.8%. OceanFirst Financial’s dividend payout ratio (DPR) is 94.12%.

Analysts Set New Price Targets

Several brokerages have recently commented on OCFC. Piper Sandler decreased their price objective on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, October 6th. Weiss Ratings downgraded OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 25th. Four investment analysts have rated the stock with a Hold rating. According to data from MarketBeat, OceanFirst Financial presently has a consensus rating of “Hold” and an average target price of $19.00.

Insider Buying and Selling

In other news, Director John R. Buran sold 113,463 shares of OceanFirst Financial stock in a transaction on Friday, August 7th. The shares were sold at an average price of $19.40, for a total transaction of $2,201,182.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brian Schaeffer sold 5,500 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $18.91, for a total transaction of $104,005.00. Following the sale, the executive vice president directly owned 83,068 shares in the company, valued at $1,570,815.88. This trade represents a 6.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.40% of the company’s stock.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.