OceanFirst Financial Corp. to Post Q3 2024 Earnings of $0.38 Per Share, DA Davidson Forecasts (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities researchers at DA Davidson reduced their Q3 2024 EPS estimates for OceanFirst Financial in a research report issued on Thursday, October 3rd. DA Davidson analyst M. Navas now expects that the savings and loans company will post earnings of $0.38 per share for the quarter, down from their prior forecast of $0.39. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.58 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.56 EPS and FY2025 earnings at $1.75 EPS.

Separately, Hovde Group upped their price target on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.90.

OceanFirst Financial Trading Up 0.5 %

NASDAQ:OCFC opened at $17.65 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. OceanFirst Financial has a 1-year low of $12.01 and a 1-year high of $18.98. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 10.32 and a beta of 1.01. The business’s 50-day moving average price is $17.28 and its two-hundred day moving average price is $16.18.

OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings results on Thursday, July 18th. The savings and loans company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The company had revenue of $170.41 million during the quarter, compared to analyst estimates of $94.93 million. During the same period last year, the company earned $0.46 EPS.

OceanFirst Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Monday, August 5th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, August 5th. This represents a $0.80 annualized dividend and a yield of 4.53%. OceanFirst Financial’s dividend payout ratio is presently 46.78%.

Hedge Funds Weigh In On OceanFirst Financial

Institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP lifted its stake in OceanFirst Financial by 455.5% in the first quarter. GSA Capital Partners LLP now owns 71,704 shares of the savings and loans company’s stock valued at $1,177,000 after buying an additional 58,795 shares in the last quarter. Boston Partners boosted its stake in OceanFirst Financial by 3.2% in the 1st quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company’s stock worth $22,505,000 after purchasing an additional 42,966 shares during the period. Russell Investments Group Ltd. boosted its stake in OceanFirst Financial by 59,216.3% in the 1st quarter. Russell Investments Group Ltd. now owns 51,012 shares of the savings and loans company’s stock worth $837,000 after purchasing an additional 50,926 shares during the period. Vanguard Group Inc. increased its holdings in OceanFirst Financial by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 3,475,107 shares of the savings and loans company’s stock worth $57,027,000 after purchasing an additional 105,764 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. raised its stake in shares of OceanFirst Financial by 105.9% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 69,981 shares of the savings and loans company’s stock valued at $1,112,000 after purchasing an additional 35,994 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.