FY2024 EPS Estimates for OceanFirst Financial Corp. (NASDAQ:OCFC) Lowered by DA Davidson

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson cut their FY2024 earnings per share estimates for shares of OceanFirst Financial in a report released on Tuesday, April 23rd. DA Davidson analyst M. Navas now anticipates that the savings and loans company will earn $1.75 per share for the year, down from their prior estimate of $1.95. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2025 earnings at $2.10 EPS.

A number of other research analysts also recently weighed in on OCFC. StockNews.com raised OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price objective (down from $22.00) on shares of OceanFirst Financial in a research note on Monday. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Raymond James lowered their price objective on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Stephens reissued an “equal weight” rating and issued a $20.00 price objective on shares of OceanFirst Financial in a research note on Friday, April 19th. 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, the stock presently has a consensus rating of “Hold” and an average target price of $18.20.

OceanFirst Financial Stock Up 0.2 %

OCFC stock opened at $15.47 on Thursday. The stock’s 50 day simple moving average is $15.34 and its 200 day simple moving average is $15.40. OceanFirst Financial has a fifty-two week low of $12.01 and a fifty-two week high of $19.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $920.93 million, a P/E ratio of 9.05 and a beta of 1.00.

Institutional Trading of OceanFirst Financial

A number of institutional investors and hedge funds have recently modified their holdings of OCFC. Quantbot Technologies LP purchased a new stake in shares of OceanFirst Financial during the third quarter valued at approximately $34,000. International Assets Investment Management LLC increased its position in shares of OceanFirst Financial by 1,240.5% during the fourth quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company’s stock valued at $60,000 after acquiring an additional 3,213 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in shares of OceanFirst Financial by 19.3% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock valued at $139,000 after acquiring an additional 1,550 shares during the last quarter. SG Americas Securities LLC bought a new position in OceanFirst Financial during the third quarter valued at $176,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in OceanFirst Financial by 42.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,725 shares of the savings and loans company’s stock valued at $184,000 after purchasing an additional 3,796 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

OceanFirst Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s payout ratio is 46.78%.

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.