OceanFirst Financial Corp. (NASDAQ:OCFC) to Post FY2024 Earnings of $1.75 Per Share, DA Davidson Forecasts

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson dropped their FY2024 earnings per share (EPS) estimates for shares of OceanFirst Financial in a research report issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now forecasts that the savings and loans company will post earnings per share of $1.75 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.

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

OceanFirst Financial Stock Up 0.2 %

Shares of OceanFirst Financial stock opened at $15.47 on Thursday. The business’s 50 day simple moving average is $15.34 and its 200 day simple moving average is $15.40. OceanFirst Financial has a 52-week low of $12.01 and a 52-week high of $19.58. The firm has a market cap of $920.93 million, a PE ratio of 9.05 and a beta of 1.00. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98.

OceanFirst Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be paid 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 5.17%. OceanFirst Financial’s dividend payout ratio is currently 46.78%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CRA Financial Services LLC boosted its stake in shares of OceanFirst Financial by 2.8% during the 4th quarter. CRA Financial Services LLC now owns 25,314 shares of the savings and loans company’s stock worth $439,000 after acquiring an additional 696 shares during the period. Strs Ohio boosted its stake in shares of OceanFirst Financial by 1.9% during the 4th quarter. Strs Ohio now owns 42,300 shares of the savings and loans company’s stock worth $734,000 after acquiring an additional 800 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of OceanFirst Financial by 6.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock worth $303,000 after acquiring an additional 1,016 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in OceanFirst Financial by 19.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock valued at $139,000 after purchasing an additional 1,550 shares during the period. Finally, Swiss National Bank boosted its stake in OceanFirst Financial by 1.5% in the 3rd quarter. Swiss National Bank now owns 130,733 shares of the savings and loans company’s stock valued at $1,892,000 after purchasing an additional 1,900 shares during the period. 70.98% of the stock is currently owned by institutional investors.

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.