OceanFirst Financial (NASDAQ:OCFC) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

OceanFirst Financial (NASDAQ:OCFC) posted its earnings results on Tuesday. The savings and loans company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08, FiscalAI reports. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. The firm had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million.

OceanFirst Financial Stock Up 1.2%

OCFC stock traded up $0.19 during midday trading on Tuesday, reaching $16.67. The company had a trading volume of 1,355,279 shares, compared to its average volume of 902,795. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial has a 1 year low of $15.60 and a 1 year high of $20.61. The company has a 50 day moving average of $17.64 and a two-hundred day moving average of $18.47. The company has a market capitalization of $1.61 billion, a P/E ratio of 19.61 and a beta of 1.02.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were given a $0.20 dividend. The ex-dividend date was Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 4.8%. OceanFirst Financial’s dividend payout ratio is presently 94.12%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings lowered OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, September 25th. Piper Sandler cut their price target on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Four investment analysts have rated the stock with a Hold rating. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.00.

Insider Activity

In other news, EVP Brian Schaeffer sold 5,500 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $18.91, for a total value of $104,005.00. Following the completion of the sale, the executive vice president directly owned 83,068 shares in the company, valued at approximately $1,570,815.88. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Buran sold 113,463 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $19.40, for a total value of $2,201,182.20. Additional details regarding this sale are available in the official SEC disclosure. 5.40% of the stock is owned by insiders.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.