OceanFirst Financial (NASDAQ:OCFC) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

OceanFirst Financial (NASDAQ:OCFC) issued its earnings results on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.02), FiscalAI reports. OceanFirst Financial had a net margin of 10.33% and a return on equity of 5.14%.

OceanFirst Financial Price Performance

Shares of NASDAQ:OCFC traded up $0.28 on Thursday, hitting $19.06. The company had a trading volume of 870,496 shares, compared to its average volume of 698,851. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.01. The company has a market cap of $1.09 billion, a PE ratio of 16.43 and a beta of 1.00. OceanFirst Financial has a 52-week low of $15.85 and a 52-week high of $20.61. The business has a 50 day moving average of $18.48 and a 200 day moving average of $18.61.

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Monday, April 27th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, April 27th. This represents a $0.80 annualized dividend and a yield of 4.2%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 68.97%.

Hedge Funds Weigh In On OceanFirst Financial

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in OceanFirst Financial by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company’s stock worth $582,000 after acquiring an additional 1,461 shares during the period. Empowered Funds LLC increased its stake in OceanFirst Financial by 5.5% in the first quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company’s stock valued at $2,390,000 after purchasing an additional 7,359 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in OceanFirst Financial by 8.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company’s stock worth $2,417,000 after buying an additional 11,262 shares during the period. Jane Street Group LLC boosted its stake in OceanFirst Financial by 107.0% in the 1st quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company’s stock worth $1,503,000 after buying an additional 45,673 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in OceanFirst Financial by 15.6% in the 2nd quarter. Prudential Financial Inc. now owns 24,450 shares of the savings and loans company’s stock valued at $431,000 after buying an additional 3,295 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Wall Street Zen upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, January 28th. Weiss Ratings reissued a “hold (c)” rating on shares of OceanFirst Financial in a report on Tuesday. DA Davidson cut shares of OceanFirst Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Raymond James Financial lowered OceanFirst Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 31st. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $21.33.

About OceanFirst Financial

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.