Wall Street brokerages expect OceanFirst Financial Corp. (NASDAQ:OCFC) to announce sales of $75.44 million for the current quarter, according to Zacks. Three analysts have provided 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 during the same quarter last year, which would suggest a positive year over year growth rate of 8.1%. The business is scheduled to report its next earnings results after the market closes on Thursday, October 24th.
On average, 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 expect 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 research firms that cover OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. The company had revenue of $74.72 million during the quarter, compared to the consensus estimate of $77.38 million.
OCFC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. BidaskClub cut OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods cut OceanFirst Financial from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $29.00 to $26.50 in a report on Monday, July 29th. ValuEngine upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Finally, Sandler O’Neill cut OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. OceanFirst Financial presently has an average rating of “Hold” and a consensus target price of $25.60.
Several large investors have recently modified their holdings of OCFC. Invesco Ltd. raised its position in shares of OceanFirst Financial by 1,857.6% during the second quarter. Invesco Ltd. now owns 745,123 shares of the savings and loans company’s stock worth $18,516,000 after purchasing an additional 707,059 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of OceanFirst Financial during the second quarter worth approximately $6,513,000. Wells Fargo & Company MN raised its position in shares of OceanFirst Financial by 55.7% during the second quarter. Wells Fargo & Company MN now owns 441,611 shares of the savings and loans company’s stock worth $10,974,000 after purchasing an additional 157,941 shares during the period. Emerald Advisers LLC raised its position in shares of OceanFirst Financial by 26.2% during the second quarter. Emerald Advisers LLC now owns 746,111 shares of the savings and loans company’s stock worth $18,541,000 after purchasing an additional 154,764 shares during the period. Finally, Marshall Wace LLP raised its position in shares of OceanFirst Financial by 462.0% during the second quarter. Marshall Wace LLP now owns 160,513 shares of the savings and loans company’s stock worth $3,989,000 after purchasing an additional 131,954 shares during the period. 69.10% of the stock is currently owned by institutional investors.
OCFC stock traded up $0.02 during trading on Thursday, hitting $23.99. The company had a trading volume of 170,834 shares, compared to its average volume of 177,373. The stock has a market cap of $1.22 billion, a PE ratio of 12.12 and a beta of 0.78. OceanFirst Financial has a one year low of $20.46 and a one year high of $26.81. The business has a 50-day moving average of $23.01 and a 200-day moving average of $23.85. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50.
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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