OceanFirst Financial (NASDAQ:OCFC) Issues Quarterly Earnings Results

OceanFirst Financial (NASDAQ:OCFC) released its earnings results on Thursday. The savings and loans company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02, Zacks reports. OceanFirst Financial had a return on equity of 6.08% and a net margin of 15.28%.

OceanFirst Financial Trading Up 0.8 %

Shares of OCFC stock opened at $19.15 on Friday. OceanFirst Financial has a 1-year low of $14.03 and a 1-year high of $21.87. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 10.94 and a beta of 1.06. The stock has a 50-day moving average of $19.18 and a 200-day moving average of $18.24.

Analyst Ratings Changes

Several equities analysts recently commented on OCFC shares. DA Davidson reissued a “neutral” rating and issued a $22.00 price objective on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Raymond James raised OceanFirst Financial from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, December 19th. Piper Sandler set a $17.00 target price on OceanFirst Financial and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their price target on OceanFirst Financial from $21.00 to $22.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $20.42.

Insider Activity

In related news, Director Joseph M. Jr. Murphy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $20.03, for a total transaction of $30,045.00. Following the completion of the sale, the director now owns 177,417 shares of the company’s stock, valued at $3,553,662.51. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 5.00% of the company’s stock.

OceanFirst Financial Company Profile

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.