OceanFirst Financial Corp. (NASDAQ:OCFC) to Post Q2 2024 Earnings of $0.45 Per Share, DA Davidson Forecasts

OceanFirst Financial Corp. (NASDAQ:OCFC) – Analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of OceanFirst Financial in a research note issued on Tuesday, April 23rd. DA Davidson analyst M. Navas expects that the savings and loans company will earn $0.45 per share for the quarter. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share.

A number of other equities analysts have also commented on OCFC. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Raymond James cut their price target on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Monday. StockNews.com raised shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Monday. Stephens reissued an “equal weight” rating and issued a $20.00 target price on shares of OceanFirst Financial in a research note on Friday, April 19th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $19.00 price objective (down previously from $22.00) on shares of OceanFirst Financial in a research report on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $18.20.

OceanFirst Financial Stock Performance

Shares of NASDAQ:OCFC opened at $15.47 on Wednesday. OceanFirst Financial has a fifty-two week low of $12.01 and a fifty-two week high of $19.58. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98. The business’s fifty day moving average price is $15.34 and its two-hundred day moving average price is $15.40. The stock has a market capitalization of $920.93 million, a price-to-earnings ratio of 9.05 and a beta of 1.00.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date is Friday, May 3rd. OceanFirst Financial’s payout ratio is 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of OceanFirst Financial by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,295,098 shares of the savings and loans company’s stock valued at $47,680,000 after buying an additional 57,423 shares during the last quarter. Boston Partners lifted its position in shares of OceanFirst Financial by 11.1% in the 3rd quarter. Boston Partners now owns 1,394,141 shares of the savings and loans company’s stock worth $19,660,000 after purchasing an additional 139,646 shares during the period. Invesco Ltd. boosted its stake in shares of OceanFirst Financial by 3.4% in the 3rd quarter. Invesco Ltd. now owns 1,234,836 shares of the savings and loans company’s stock valued at $17,868,000 after purchasing an additional 40,030 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of OceanFirst Financial by 6.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,046,061 shares of the savings and loans company’s stock valued at $18,160,000 after purchasing an additional 66,868 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of OceanFirst Financial by 20.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 834,391 shares of the savings and loans company’s stock worth $14,485,000 after buying an additional 139,047 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

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.