Zacks: Brokerages Anticipate OceanFirst Financial Corp. (NASDAQ:OCFC) Will Post Earnings of $0.55 Per Share

Equities research analysts forecast that OceanFirst Financial Corp. (NASDAQ:OCFC) will post earnings of $0.55 per share for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for OceanFirst Financial’s earnings, with estimates ranging from $0.53 to $0.56. OceanFirst Financial reported earnings per share of $0.46 in the same quarter last year, which indicates a positive year-over-year growth rate of 19.6%. The company is scheduled to issue its next earnings report after the market closes on Thursday, July 25th.

According to Zacks, analysts expect that OceanFirst Financial will report full year earnings of $2.19 per share for the current year, with EPS estimates ranging from $2.15 to $2.22. For the next financial year, analysts expect that the firm will report earnings of $2.31 per share, with EPS estimates ranging from $2.25 to $2.38. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that cover OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, April 25th. The savings and loans company reported $0.51 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The business had revenue of $73.90 million during the quarter, compared to analyst estimates of $73.12 million. OceanFirst Financial had a net margin of 26.92% and a return on equity of 9.47%.

Several research firms have recently issued reports on OCFC. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a report on Monday, April 29th. Boenning Scattergood restated a “hold” rating on shares of OceanFirst Financial in a report on Monday, April 29th. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd. Finally, BidaskClub lowered shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. OceanFirst Financial currently has an average rating of “Hold” and an average target price of $27.50.

Institutional investors have recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. bought a new stake in shares of OceanFirst Financial in the 4th quarter worth about $108,000. Legal & General Group Plc lifted its holdings in shares of OceanFirst Financial by 12.7% in the 4th quarter. Legal & General Group Plc now owns 8,286 shares of the savings and loans company’s stock worth $187,000 after acquiring an additional 934 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of OceanFirst Financial in the 1st quarter worth about $191,000. Sciencast Management LP bought a new stake in shares of OceanFirst Financial in the 1st quarter worth about $228,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of OceanFirst Financial by 451.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,888 shares of the savings and loans company’s stock worth $238,000 after acquiring an additional 8,095 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.

Shares of OceanFirst Financial stock traded down $0.05 during trading on Tuesday, hitting $25.30. The stock had a trading volume of 114,823 shares, compared to its average volume of 149,573. The company has a fifty day simple moving average of $24.69. The firm has a market capitalization of $1.30 billion, a PE ratio of 12.78, a PEG ratio of 1.16 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. OceanFirst Financial has a 12 month low of $21.30 and a 12 month high of $30.48.

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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Earnings History and Estimates for OceanFirst Financial (NASDAQ:OCFC)

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