OceanFirst Financial Corp. Expected to Post Q3 2024 Earnings of $0.38 Per Share (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Stock analysts at DA Davidson reduced their Q3 2024 earnings per share estimates for OceanFirst Financial in a report issued on Thursday, October 3rd. DA Davidson analyst M. Navas now expects that the savings and loans company will earn $0.38 per share for the quarter, down from their previous estimate of $0.39. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.58 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.56 EPS and FY2025 earnings at $1.75 EPS.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, July 18th. The savings and loans company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The firm had revenue of $170.41 million for the quarter, compared to the consensus estimate of $94.93 million. During the same period last year, the company posted $0.46 earnings per share.

Separately, Hovde Group raised their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a report on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, OceanFirst Financial has a consensus rating of “Hold” and an average price target of $18.90.

OceanFirst Financial Price Performance

OceanFirst Financial stock opened at $17.65 on Friday. OceanFirst Financial has a one year low of $12.01 and a one year high of $18.98. The business has a fifty day moving average price of $17.28 and a 200-day moving average price of $16.17. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $1.04 billion, a P/E ratio of 10.32 and a beta of 1.01.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Monday, August 5th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend was Monday, August 5th. OceanFirst Financial’s dividend payout ratio is 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Large investors have recently added to or reduced their stakes in the business. Innealta Capital LLC bought a new stake in OceanFirst Financial during the second quarter valued at $25,000. Acadian Asset Management LLC bought a new stake in OceanFirst Financial during the first quarter valued at $39,000. Meeder Asset Management Inc. bought a new stake in OceanFirst Financial during the second quarter valued at $62,000. EMC Capital Management bought a new stake in OceanFirst Financial during the first quarter valued at $150,000. Finally, CWM LLC raised its position in OceanFirst Financial by 437.0% during the second quarter. CWM LLC now owns 10,525 shares of the savings and loans company’s stock valued at $167,000 after purchasing an additional 8,565 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

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.