OceanFirst Financial (NASDAQ:OCFC) Releases Earnings Results, Beats Estimates By $0.03 EPS

OceanFirst Financial (NASDAQ:OCFCGet Rating) announced its earnings results on Thursday. The savings and loans company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03, MarketWatch Earnings reports. OceanFirst Financial had a net margin of 27.94% and a return on equity of 7.56%. During the same quarter last year, the business earned $0.44 EPS.

Shares of OCFC stock opened at $18.73 on Friday. The firm has a fifty day moving average of $20.48 and a 200-day moving average of $21.61. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.16. OceanFirst Financial has a 12-month low of $18.34 and a 12-month high of $24.25. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 11.22 and a beta of 0.86.

The business also recently disclosed a dividend, which will be paid on Friday, May 20th. Stockholders of record on Monday, May 9th will be given a dividend of $0.17 per share. This represents a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, May 6th. OceanFirst Financial’s dividend payout ratio is 40.72%.

In related news, insider Anthony Giordano III sold 1,767 shares of the firm’s stock in a transaction on Monday, March 7th. The shares were sold at an average price of $22.17, for a total value of $39,174.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Maher sold 22,025 shares of the firm’s stock in a transaction on Monday, March 7th. The shares were sold at an average price of $22.17, for a total transaction of $488,294.25. The disclosure for this sale can be found here. Insiders have sold 36,883 shares of company stock valued at $817,696 in the last three months. 3.80% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in OCFC. Morgan Stanley grew its position in OceanFirst Financial by 139.9% in the second quarter. Morgan Stanley now owns 213,213 shares of the savings and loans company’s stock valued at $4,442,000 after purchasing an additional 124,338 shares in the last quarter. Royal Bank of Canada lifted its stake in OceanFirst Financial by 7.0% in the third quarter. Royal Bank of Canada now owns 47,778 shares of the savings and loans company’s stock valued at $1,023,000 after acquiring an additional 3,126 shares during the last quarter. LPL Financial LLC lifted its stake in OceanFirst Financial by 8.6% in the third quarter. LPL Financial LLC now owns 18,977 shares of the savings and loans company’s stock valued at $406,000 after acquiring an additional 1,496 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in OceanFirst Financial by 108.7% in the third quarter. BNP Paribas Arbitrage SA now owns 17,295 shares of the savings and loans company’s stock valued at $370,000 after acquiring an additional 9,006 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in OceanFirst Financial by 4.4% in the third quarter. Bank of New York Mellon Corp now owns 526,190 shares of the savings and loans company’s stock valued at $11,266,000 after acquiring an additional 22,071 shares during the last quarter. 68.46% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on OCFC. StockNews.com assumed coverage on shares of OceanFirst Financial in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research upgraded shares of OceanFirst Financial from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Wednesday, March 16th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $24.63.

OceanFirst Financial Company Profile (Get Rating)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

Further Reading

Earnings History for OceanFirst Financial (NASDAQ:OCFC)

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