DA Davidson Equities Analysts Lower Earnings Estimates for OceanFirst Financial Corp. (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson decreased their Q2 2024 earnings estimates for OceanFirst Financial in a research report issued on Thursday, June 27th. DA Davidson analyst M. Navas now anticipates that the savings and loans company will post earnings of $0.43 per share for the quarter, down from their prior forecast of $0.45. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.69 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.72 EPS and FY2025 earnings at $2.05 EPS.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, April 18th. The savings and loans company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. OceanFirst Financial had a return on equity of 6.17% and a net margin of 15.54%. The company had revenue of $98.51 million during the quarter, compared to analyst estimates of $95.45 million.

OCFC has been the topic of a number of other research reports. StockNews.com upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Raymond James dropped their price objective on shares of OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday, April 22nd. Stephens reissued an “equal weight” rating and set a $20.00 target price on shares of OceanFirst Financial in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $18.00 price target (down from $19.00) on shares of OceanFirst Financial in a report on Friday, May 31st. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, OceanFirst Financial currently has an average rating of “Hold” and a consensus target price of $18.00.

OceanFirst Financial Stock Up 1.7 %

NASDAQ:OCFC opened at $15.75 on Monday. OceanFirst Financial has a 1-year low of $12.01 and a 1-year high of $19.58. The firm has a market capitalization of $924.68 million, a price-to-earnings ratio of 9.21 and a beta of 1.03. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.67. The business’s fifty day moving average price is $15.11 and its 200 day moving average price is $15.76.

Institutional Investors Weigh In On OceanFirst Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCFC. Acadian Asset Management LLC bought a new position in shares of OceanFirst Financial in the first quarter valued at approximately $39,000. International Assets Investment Management LLC raised its holdings in OceanFirst Financial by 1,240.5% in the 4th quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company’s stock worth $60,000 after acquiring an additional 3,213 shares during the period. EMC Capital Management acquired a new position in OceanFirst Financial during the 1st quarter worth $150,000. ProShare Advisors LLC bought a new stake in OceanFirst Financial during the first quarter valued at about $172,000. Finally, Chapin Davis Inc. acquired a new stake in shares of OceanFirst Financial in the fourth quarter valued at about $207,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Brian Schaeffer sold 3,500 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $15.49, for a total value of $54,215.00. Following the completion of the sale, the executive vice president now directly owns 41,868 shares in the company, valued at $648,535.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.00% of the stock is owned by insiders.

OceanFirst Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.80 annualized dividend and a dividend yield of 5.08%. OceanFirst Financial’s dividend payout ratio (DPR) is 46.78%.

OceanFirst Financial Company Profile

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.