Analysts Expect OceanFirst Financial Corp. (NASDAQ:OCFC) Will Announce Earnings of $0.51 Per Share

Equities analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC) to announce $0.51 earnings per share for the current quarter, according to Zacks. Three analysts have made estimates for OceanFirst Financial’s earnings. The highest EPS estimate is $0.51 and the lowest is $0.50. OceanFirst Financial reported earnings per share of $0.53 in the same quarter last year, which would indicate a negative year-over-year growth rate of 3.8%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, October 24th.

According to Zacks, analysts expect that OceanFirst Financial will report full-year earnings of $2.06 per share for the current fiscal year, with EPS estimates ranging from $2.05 to $2.07. For the next fiscal year, analysts anticipate that the firm will post earnings of $2.13 per share, with EPS estimates ranging from $2.10 to $2.14. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.04). The company had revenue of $74.72 million for the quarter, compared to analysts’ expectations of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%.

A number of brokerages recently commented on OCFC. Sandler O’Neill downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Monday, July 29th. ValuEngine upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. DA Davidson downgraded OceanFirst Financial from a “buy” rating to a “neutral” rating and decreased their target price for the company from $27.00 to $21.50 in a report on Monday, August 12th. Finally, BidaskClub downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. OceanFirst Financial presently has an average rating of “Hold” and an average target price of $25.60.

Shares of NASDAQ:OCFC traded up $0.02 during trading on Tuesday, reaching $23.99. 170,834 shares of the company traded hands, compared to its average volume of 177,373. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 12.12 and a beta of 0.78. OceanFirst Financial has a 52-week low of $20.46 and a 52-week high of $26.81. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average is $23.01 and its 200-day moving average is $23.85.

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in OceanFirst Financial by 2.3% in the second quarter. BlackRock Inc. now owns 3,535,627 shares of the savings and loans company’s stock worth $87,860,000 after purchasing an additional 80,597 shares in the last quarter. Vanguard Group Inc. raised its holdings in OceanFirst Financial by 1.9% in the second quarter. Vanguard Group Inc. now owns 2,317,911 shares of the savings and loans company’s stock worth $57,600,000 after purchasing an additional 44,203 shares in the last quarter. Victory Capital Management Inc. raised its holdings in OceanFirst Financial by 8.5% in the second quarter. Victory Capital Management Inc. now owns 1,448,659 shares of the savings and loans company’s stock worth $35,999,000 after purchasing an additional 112,938 shares in the last quarter. Renaissance Technologies LLC raised its holdings in OceanFirst Financial by 3.2% in the second quarter. Renaissance Technologies LLC now owns 1,270,241 shares of the savings and loans company’s stock worth $31,565,000 after purchasing an additional 39,650 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in OceanFirst Financial by 2.4% in the second quarter. Northern Trust Corp now owns 873,633 shares of the savings and loans company’s stock worth $21,710,000 after purchasing an additional 20,616 shares in the last quarter. Institutional investors own 69.10% of the company’s stock.

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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