DA Davidson Weighs in on OceanFirst Financial Corp.’s Q2 2024 Earnings (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson lowered their Q2 2024 earnings per share (EPS) estimates for OceanFirst Financial in a report released on Thursday, June 27th. DA Davidson analyst M. Navas now expects that the savings and loans company will post earnings per share of $0.43 for the quarter, down from their previous forecast of $0.45. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.69 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $1.72 EPS and FY2025 earnings at $2.05 EPS.

Other equities research analysts have also recently issued reports about the company. Stephens reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of OceanFirst Financial in a research note on Friday, April 19th. Raymond James lowered 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, April 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $18.00 price target (down from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Finally, StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, OceanFirst Financial presently has an average rating of “Hold” and a consensus price target of $18.00.

OceanFirst Financial Stock Performance

Shares of OceanFirst Financial stock opened at $15.48 on Monday. The firm has a fifty day moving average of $15.11 and a two-hundred day moving average of $15.77. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.99 and a current ratio of 1.00. The stock has a market capitalization of $908.83 million, a price-to-earnings ratio of 9.05 and a beta of 1.03. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $19.58.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, April 18th. The savings and loans company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. OceanFirst Financial had a net margin of 15.54% and a return on equity of 6.17%. The company had revenue of $98.51 million during the quarter, compared to analysts’ expectations of $95.45 million.

Institutional Trading of OceanFirst Financial

Institutional investors have recently made changes to their positions in the business. Boston Partners grew its position in OceanFirst Financial by 3.2% in the first quarter. Boston Partners now owns 1,391,127 shares of the savings and loans company’s stock valued at $22,505,000 after purchasing an additional 42,966 shares in the last quarter. EMC Capital Management bought a new position in shares of OceanFirst Financial in the 1st quarter valued at about $150,000. Price T Rowe Associates Inc. MD increased its position in shares of OceanFirst Financial by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 80,523 shares of the savings and loans company’s stock valued at $1,323,000 after acquiring an additional 4,250 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of OceanFirst Financial by 2.6% in the first quarter. Gamco Investors INC. ET AL now owns 143,000 shares of the savings and loans company’s stock valued at $2,347,000 after acquiring an additional 3,600 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in OceanFirst Financial during the first quarter valued at approximately $39,000. Institutional investors own 70.98% of the company’s stock.

Insider Activity

In other OceanFirst Financial news, EVP Brian Schaeffer sold 3,500 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $15.49, for a total transaction of $54,215.00. Following the completion of the transaction, the executive vice president now owns 41,868 shares in the company, valued at approximately $648,535.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.00% of the company’s stock.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Monday, May 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.80 annualized dividend and a yield of 5.17%. OceanFirst Financial’s dividend payout ratio (DPR) is currently 46.78%.

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.