Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC – Get Rating) to post sales of $99.85 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for OceanFirst Financial’s earnings, with estimates ranging from $98.50 million to $101.40 million. OceanFirst Financial posted sales of $85.82 million in the same quarter last year, which suggests a positive year-over-year growth rate of 16.3%. The firm is expected to announce its next quarterly earnings report on Monday, January 1st.
On average, analysts expect that OceanFirst Financial will report full year sales of $428.11 million for the current financial year, with estimates ranging from $422.33 million to $433.40 million. For the next year, analysts anticipate that the company will post sales of $508.12 million, with estimates ranging from $488.50 million to $523.75 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The savings and loans company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.46 by $0.03. The firm had revenue of $93.08 million during the quarter, compared to analysts’ expectations of $93.15 million. OceanFirst Financial had a return on equity of 7.70% and a net margin of 26.57%. During the same quarter last year, the firm earned $0.44 earnings per share.
In other news, CAO Michele B. Estep sold 3,790 shares of the stock in a transaction on Monday, March 7th. The stock was sold at an average price of $22.17, for a total value of $84,024.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial stock in a transaction dated Thursday, March 10th. The stock was bought at an average price of $21.40 per share, for a total transaction of $42,800.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 36,883 shares of company stock valued at $817,696. Company insiders own 3.80% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in OCFC. M&T Bank Corp increased its position in shares of OceanFirst Financial by 0.4% during the fourth quarter. M&T Bank Corp now owns 104,872 shares of the savings and loans company’s stock worth $2,328,000 after purchasing an additional 447 shares in the last quarter. California State Teachers Retirement System increased its position in shares of OceanFirst Financial by 0.7% during the fourth quarter. California State Teachers Retirement System now owns 82,433 shares of the savings and loans company’s stock worth $1,830,000 after purchasing an additional 591 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of OceanFirst Financial by 1.4% during the third quarter. UBS Asset Management Americas Inc. now owns 50,098 shares of the savings and loans company’s stock worth $1,073,000 after purchasing an additional 682 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of OceanFirst Financial by 6.1% during the first quarter. Teacher Retirement System of Texas now owns 12,268 shares of the savings and loans company’s stock worth $247,000 after purchasing an additional 700 shares in the last quarter. Finally, CRA Financial Services LLC increased its position in shares of OceanFirst Financial by 7.2% during the first quarter. CRA Financial Services LLC now owns 12,181 shares of the savings and loans company’s stock worth $245,000 after purchasing an additional 816 shares in the last quarter. Institutional investors and hedge funds own 69.53% of the company’s stock.
Shares of OceanFirst Financial stock opened at $18.77 on Friday. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of 11.24 and a beta of 0.85. OceanFirst Financial has a fifty-two week low of $18.30 and a fifty-two week high of $24.25. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day moving average of $19.65 and a 200 day moving average of $21.32.
The company also recently declared a quarterly 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. The ex-dividend date of this dividend is Friday, May 6th. This represents a $0.68 annualized dividend and a dividend yield of 3.62%. OceanFirst Financial’s dividend payout ratio is currently 40.72%.
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.
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