Wall Street analysts expect that OceanFirst Financial Corp. (NASDAQ:OCFC) will report $75.44 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for OceanFirst Financial’s earnings, with the highest sales estimate coming in at $75.90 million and the lowest estimate coming in at $75.10 million. OceanFirst Financial reported sales of $69.79 million in the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The business is scheduled to issue its next quarterly earnings results after the market closes on Thursday, October 24th.
According to Zacks, analysts expect that OceanFirst Financial will report full-year sales of $300.05 million for the current fiscal year, with estimates ranging from $299.30 million to $301.10 million. For the next financial year, analysts forecast that the firm will report sales of $368.84 million, with estimates ranging from $366.40 million to $371.28 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.04). OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%. The business had revenue of $74.72 million during the quarter, compared to analysts’ expectations of $77.38 million.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. ValuEngine upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Sandler O’Neill downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Monday, July 29th. BidaskClub downgraded OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. Finally, DA Davidson downgraded OceanFirst Financial from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $27.00 to $21.50 in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. OceanFirst Financial currently has a consensus rating of “Hold” and an average price target of $25.60.
Shares of NASDAQ OCFC traded up $0.02 during midday trading on Thursday, hitting $23.99. The company’s stock had a trading volume of 170,834 shares, compared to its average volume of 177,373. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $23.01 and its two-hundred day moving average is $23.85. OceanFirst Financial has a 12-month low of $20.46 and a 12-month high of $26.81. The firm has a market cap of $1.22 billion, a P/E ratio of 12.12 and a beta of 0.78.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantamental Technologies LLC purchased a new position in OceanFirst Financial during the 2nd quarter worth $36,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in OceanFirst Financial by 73.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock worth $93,000 after purchasing an additional 1,585 shares during the period. Bank of Montreal Can increased its holdings in OceanFirst Financial by 423,900.0% during the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock worth $105,000 after purchasing an additional 4,239 shares during the period. Aperio Group LLC purchased a new position in OceanFirst Financial during the 2nd quarter worth $225,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in OceanFirst Financial during the 2nd quarter worth $233,000. Institutional investors own 69.10% of the company’s stock.
About OceanFirst Financial
OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.
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