Q2 2024 EPS Estimates for OceanFirst Financial Corp. Lowered by DA Davidson (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities researchers at DA Davidson lowered their Q2 2024 earnings estimates for shares of OceanFirst Financial in a report issued on Thursday, June 27th. DA Davidson analyst M. Navas now anticipates that the savings and loans company will post earnings of $0.43 per share for the quarter, down from their previous forecast of $0.45. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.69 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.72 EPS and FY2025 earnings at $2.05 EPS.

A number of other analysts also recently weighed in on OCFC. Stephens restated an “equal weight” rating and issued a $20.00 target price on shares of OceanFirst Financial in a report on Friday, April 19th. StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Raymond James reduced their target price 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, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $18.00 price target (down from $19.00) on shares of OceanFirst Financial in a report on Friday, May 31st. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $18.00.

OceanFirst Financial Stock Up 4.5 %

Shares of OCFC stock opened at $15.89 on Monday. The stock has a market cap of $932.90 million, a P/E ratio of 9.29 and a beta of 1.02. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $19.58. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.67. The company’s fifty day simple moving average is $15.10 and its two-hundred day simple moving average is $15.78.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, April 18th. The savings and loans company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $98.51 million for the quarter, compared to analysts’ expectations of $95.45 million. OceanFirst Financial had a net margin of 15.54% and a return on equity of 6.17%.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were paid a $0.20 dividend. The ex-dividend date was Friday, May 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 5.03%. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Insiders Place Their Bets

In other OceanFirst Financial news, EVP Brian Schaeffer sold 3,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $15.49, for a total value of $54,215.00. Following the transaction, the executive vice president now directly owns 41,868 shares in the company, valued at approximately $648,535.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On OceanFirst Financial

Several hedge funds have recently modified their holdings of the business. Boston Partners lifted its position in shares of OceanFirst Financial by 3.2% in the 1st quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company’s stock worth $22,505,000 after purchasing an additional 42,966 shares during the period. EMC Capital Management purchased a new stake in shares of OceanFirst Financial in the 1st quarter worth approximately $150,000. Price T Rowe Associates Inc. MD lifted its position in shares of OceanFirst Financial by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 80,523 shares of the savings and loans company’s stock worth $1,323,000 after purchasing an additional 4,250 shares during the period. Gamco Investors INC. ET AL lifted its position in shares of OceanFirst Financial by 2.6% in the 1st quarter. Gamco Investors INC. ET AL now owns 143,000 shares of the savings and loans company’s stock worth $2,347,000 after purchasing an additional 3,600 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of OceanFirst Financial in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 70.98% of the company’s stock.

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.