OceanFirst Financial Corp. Expected to Earn FY2024 Earnings of $1.75 Per Share (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Stock analysts at DA Davidson decreased their FY2024 earnings per share estimates for shares of OceanFirst Financial in a research note issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now forecasts that the savings and loans company will earn $1.75 per share for the year, down from their prior estimate of $1.95. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2025 earnings at $2.10 EPS.

Other research analysts have also issued reports about the company. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Stephens reaffirmed an “equal weight” rating and issued a $20.00 price objective on shares of OceanFirst Financial in a report on Friday, April 19th. Raymond James reduced their target price on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday. StockNews.com raised OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 target price (down from $22.00) on shares of OceanFirst Financial in a report on Monday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $18.20.

OceanFirst Financial Stock Performance

Shares of NASDAQ OCFC opened at $15.23 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s fifty day moving average price is $15.32 and its two-hundred day moving average price is $15.40. OceanFirst Financial has a one year low of $12.01 and a one year high of $19.58. The firm has a market cap of $906.64 million, a price-to-earnings ratio of 8.91 and a beta of 1.00.

Hedge Funds Weigh In On OceanFirst Financial

Large investors have recently bought and sold shares of the company. Boston Partners raised its position in shares of OceanFirst Financial by 11.1% during the third quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock worth $19,660,000 after acquiring an additional 139,646 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in OceanFirst Financial during the third quarter worth approximately $1,015,000. Charles Schwab Investment Management Inc. grew its stake in OceanFirst Financial by 6.7% during the third 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. grew its stake in OceanFirst Financial by 17.3% during the third quarter. American Century Companies Inc. now owns 517,771 shares of the savings and loans company’s stock worth $7,492,000 after purchasing an additional 76,317 shares during the period. Finally, AQR Capital Management LLC grew its stake in OceanFirst Financial by 143.3% during the third quarter. AQR Capital Management LLC now owns 380,529 shares of the savings and loans company’s stock worth $5,506,000 after purchasing an additional 224,146 shares during the period. 70.98% of the stock is currently owned by institutional investors.

OceanFirst Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, May 3rd. This represents a $0.80 annualized dividend and a dividend yield of 5.25%. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

About OceanFirst Financial

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.