OceanFirst Financial Corp. (NASDAQ:OCFC) to Post Q2 2024 Earnings of $0.45 Per Share, DA Davidson Forecasts

OceanFirst Financial Corp. (NASDAQ:OCFC) – Research analysts at DA Davidson issued their Q2 2024 earnings estimates for OceanFirst Financial in a note issued to investors on Tuesday, April 23rd. DA Davidson analyst M. Navas expects that the savings and loans company will post earnings per share of $0.45 for the quarter. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share.

A number of other brokerages have also commented on OCFC. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. StockNews.com raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $19.00 price target (down previously from $22.00) on shares of OceanFirst Financial in a research report on Monday. Raymond James dropped their price objective on shares of OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Stephens restated an “equal weight” rating and set a $20.00 target price on shares of OceanFirst Financial in a research report on Friday, April 19th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, OceanFirst Financial presently has a consensus rating of “Hold” and an average price target of $18.20.

OceanFirst Financial Stock Up 0.2 %

Shares of OCFC stock opened at $15.47 on Wednesday. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $19.58. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. The company’s fifty day simple moving average is $15.34 and its two-hundred day simple moving average is $15.40. The stock has a market cap of $920.93 million, a P/E ratio of 9.05 and a beta of 1.00.

Hedge Funds Weigh In On OceanFirst Financial

Hedge funds have recently added to or reduced their stakes in the company. Boston Partners increased its stake in OceanFirst Financial by 11.1% in the 3rd quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock worth $19,660,000 after buying an additional 139,646 shares during the period. GSA Capital Partners LLP purchased a new position in OceanFirst Financial during the 3rd quarter worth $1,015,000. Charles Schwab Investment Management Inc. increased its holdings in OceanFirst Financial by 6.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 695,344 shares of the savings and loans company’s stock worth $10,062,000 after purchasing an additional 43,649 shares during the period. American Century Companies Inc. raised its position in OceanFirst Financial by 17.3% during the 3rd quarter. American Century Companies Inc. now owns 517,771 shares of the savings and loans company’s stock valued at $7,492,000 after purchasing an additional 76,317 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of OceanFirst Financial by 143.3% in the 3rd quarter. AQR Capital Management LLC now owns 380,529 shares of the savings and loans company’s stock worth $5,506,000 after buying an additional 224,146 shares during the period. 70.98% of the stock is currently owned by institutional investors.

OceanFirst Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.17%. The ex-dividend date is Friday, May 3rd. OceanFirst Financial’s payout ratio 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.