Analysts Offer Predictions for OceanFirst Financial Corp.’s Q1 2023 Earnings (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFCGet Rating) – Stock analysts at DA Davidson issued their Q1 2023 earnings per share estimates for shares of OceanFirst Financial in a research report issued to clients and investors on Tuesday, January 24th. DA Davidson analyst M. Navas expects that the savings and loans company will post earnings of $0.70 per share for the quarter. The consensus estimate for OceanFirst Financial’s current full-year earnings is $2.65 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $2.95 EPS.

OceanFirst Financial (NASDAQ:OCFCGet Rating) last released its earnings results on Monday, October 24th. The savings and loans company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.56 by $0.04. The company had revenue of $111.12 million during the quarter, compared to analysts’ expectations of $110.20 million. OceanFirst Financial had a return on equity of 9.30% and a net margin of 29.90%. During the same period last year, the firm earned $0.45 EPS.

OCFC has been the subject of several other reports. StockNews.com raised OceanFirst Financial from a “hold” rating to a “buy” rating in a research note on Monday. Piper Sandler cut OceanFirst Financial from an “overweight” rating to a “neutral” rating and set a $25.00 price objective for the company. in a research note on Monday, December 12th.

OceanFirst Financial Stock Down 1.9 %

NASDAQ OCFC opened at $22.75 on Wednesday. The stock has a fifty day moving average of $22.13 and a 200-day moving average of $21.08. The stock has a market capitalization of $1.35 billion, a P/E ratio of 9.40 and a beta of 0.88. OceanFirst Financial has a 52 week low of $18.24 and a 52 week high of $24.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.98 and a current ratio of 0.98.

OceanFirst Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 17th. Investors of record on Monday, February 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, February 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.52%. OceanFirst Financial’s dividend payout ratio (DPR) is presently 33.06%.

Institutional Investors Weigh In On OceanFirst Financial

A number of institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its stake in OceanFirst Financial by 7.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 344,750 shares of the savings and loans company’s stock valued at $7,326,000 after acquiring an additional 23,208 shares during the period. Hennessy Advisors Inc. grew its stake in OceanFirst Financial by 27.0% in the fourth quarter. Hennessy Advisors Inc. now owns 235,000 shares of the savings and loans company’s stock valued at $4,994,000 after acquiring an additional 50,000 shares during the period. North Star Investment Management Corp. grew its stake in OceanFirst Financial by 102.8% in the fourth quarter. North Star Investment Management Corp. now owns 90,821 shares of the savings and loans company’s stock valued at $1,930,000 after acquiring an additional 46,046 shares during the period. Addison Capital Co grew its stake in OceanFirst Financial by 61.7% in the fourth quarter. Addison Capital Co now owns 139,290 shares of the savings and loans company’s stock valued at $2,960,000 after acquiring an additional 53,124 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in OceanFirst Financial by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 446,714 shares of the savings and loans company’s stock valued at $8,327,000 after acquiring an additional 7,522 shares during the period. 69.77% of the stock is owned by institutional investors and hedge funds.

About OceanFirst Financial

(Get Rating)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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