Brokers expect OceanFirst Financial Corp. (NASDAQ:OCFC) Announces Quarterly Sales of $99.85 Million
Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC – Get a rating) to show sales of $99.85 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have released earnings estimates for OceanFirst Financial, with estimates ranging from $98.50 million to $101.40 million. OceanFirst Financial reported sales of $85.82 million in the same quarter last year, suggesting a positive year-over-year growth rate of 16.3%. The company is expected to announce its next quarterly earnings report on Monday, January 1.
On average, analysts expect OceanFirst Financial to report annual revenue of $428.11 million for the current fiscal year, with estimates ranging from $422.33 million to $433.40 millions of dollars. For next year, analysts expect the company to post sales of $508.12 million, with estimates ranging from $488.50 million to $523.75 million. Zacks Investment Research sales calculations are an average based on a survey of analysts who cover OceanFirst Financial.
OceanFirst Financial (NASDAQ: OCFC – Get a rating) last released its quarterly results on Thursday, April 28. The savings and loan company reported EPS of $0.49 for the quarter, beating the consensus estimate of $0.46 by $0.03. The company posted revenue of $93.08 million in the quarter, compared to $93.15 million expected by analysts. OceanFirst Financial had a return on equity of 7.70% and a net margin of 26.57%. In the same quarter last year, the company earned $0.44 per share.
The OCFC has been the subject of several analyst reports. StockNews.com upgraded OceanFirst Financial from a “hold” rating to a “buy” rating in a Friday, May 13 research report. Zacks Investment Research upgraded OceanFirst Financial from a “hold” rating to a “buy” rating and set a price target of $25.00 for the company in a Wednesday, March 16 research report. One analyst has rated the stock with a hold rating and four have issued a buy rating for the stock. According to MarketBeat.com, OceanFirst Financial currently has a consensus buy rating and a consensus target price of $24.63.
Separately, CAO Michele B. Estep sold 3,790 shares in a trade on Monday, March 7. 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 via this hyperlink. Also, director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial in a transaction dated Thursday, March 10. The stock was purchased at an average price of $21.40 per share, for a total transaction of $42,800.00. Disclosure of this purchase can be found here. In the past 90 days, insiders have sold 36,883 shares of the company valued at $817,696. Insiders of the company own 3.80% of the shares of the company.
Several hedge funds and other institutional investors have recently changed 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 loan company worth $2,328,000 after buying 447 more shares 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 loan company worth $1,830,000 after buying 591 additional 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 loan company worth $1,073,000 after buying 682 more shares 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 loan company worth $247,000 after buying 700 additional shares in the last quarter. Finally, CRA Financial Services LLC increased its position in OceanFirst Financial shares by 7.2% during the first quarter. CRA Financial Services LLC now owns 12,181 shares of the savings and loan company worth $245,000 after buying 816 additional shares in the last quarter. Institutional investors and hedge funds hold 69.53% of the company’s shares.
Shares of OceanFirst Financial opened at $18.77 on Friday. The company has a market capitalization of $1.11 billion, a price-earnings ratio of 11.24 and a beta of 0.85. OceanFirst Financial has a fifty-two week minimum of $18.30 and a fifty-two week maximum of $24.25. The company has a debt 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 20. Shareholders of record on Monday, May 9 will receive a dividend of $0.17 per share. The ex-dividend date is Friday, May 6. This represents an annualized dividend of $0.68 and a dividend yield of 3.62%. OceanFirst Financial’s dividend payout ratio is currently 40.72%.
OceanFirst Financial Company Profile (Get a rating)
OceanFirst Financial Corp. operates as a bank holding company for OceanFirst Bank NA which provides community banking services. It accepts money market accounts, savings accounts, interest bearing checking accounts, non-interest bearing demand deposits and term deposits for individuals, governments and businesses.
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