OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at DA Davidson lowered their FY2020 earnings per share estimates for OceanFirst Financial in a research note issued to investors on Thursday, January 30th. DA Davidson analyst R. Gunther now anticipates that the savings and loans company will earn $1.90 per share for the year, down from their prior forecast of $2.00.
A number of other equities analysts also recently commented on OCFC. BidaskClub downgraded shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Saturday. Stephens restated a “hold” rating and set a $25.50 price target on shares of OceanFirst Financial in a research note on Wednesday, November 6th. Zacks Investment Research lowered OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Friday. Finally, ValuEngine upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $25.30.
Shares of OceanFirst Financial stock opened at $23.26 on Friday. The company has a market capitalization of $1.17 billion, a PE ratio of 13.29 and a beta of 0.80. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50-day simple moving average of $24.96 and a two-hundred day simple moving average of $23.75. OceanFirst Financial has a one year low of $20.46 and a one year high of $26.09.
OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Monday, January 27th. The savings and loans company reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The firm had revenue of $74.59 million during the quarter, compared to the consensus estimate of $75.18 million. OceanFirst Financial had a return on equity of 9.23% and a net margin of 25.24%.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of OceanFirst Financial by 2.3% during the second quarter. BlackRock Inc. now owns 3,535,627 shares of the savings and loans company’s stock worth $87,860,000 after acquiring an additional 80,597 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of OceanFirst Financial by 1.9% during the second quarter. Vanguard Group Inc. now owns 2,317,911 shares of the savings and loans company’s stock worth $57,600,000 after acquiring an additional 44,203 shares during the last quarter. State Street Corp boosted its position in OceanFirst Financial by 1.5% in the third quarter. State Street Corp now owns 1,031,640 shares of the savings and loans company’s stock valued at $24,347,000 after buying an additional 15,406 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in OceanFirst Financial by 6.6% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 756,394 shares of the savings and loans company’s stock valued at $19,318,000 after buying an additional 46,805 shares during the last quarter. Finally, Invesco Ltd. boosted its position in OceanFirst Financial by 1,857.6% in the second quarter. Invesco Ltd. now owns 745,123 shares of the savings and loans company’s stock valued at $18,516,000 after buying an additional 707,059 shares during the last quarter. Institutional investors and hedge funds own 70.78% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 5th will be paid a dividend of $0.17 per share. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.92%. OceanFirst Financial’s payout ratio is presently 32.85%.
OceanFirst Financial Company Profile
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.