Brokers expect OceanFirst Financial Corp. (NASDAQ:OCFC) Announces Quarterly Sales of $99.85 Million
Analysts expect OceanFirst Financial Corp. (NASDAQ:OCFC – Get Rating) reports sales of $99.85 million for the current fiscal quarter, reports Zacks Investment Research. 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 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. Additionally, director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial in a trade 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.
Get a Free Copy of Zacks Research Report on OceanFirst Financial (OCFC)
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in OceanFirst Financial right now?
Before you consider OceanFirst Financial, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and OceanFirst Financial was not on the list.
Although OceanFirst Financial currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here