OceanFirst Financial (NASDAQ:OCFC) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• OceanFirst Financial beat quarterly expectations: The company reported $0.48 in EPS, exceeding the $0.40 consensus, while revenue of $185.13 million also surpassed estimates of $177.79 million.
• Shares rose 1.2% to $16.67 following the earnings release, though the stock remains below its 50-day and 200-day moving averages and has a 12-month range of $15.60 to $20.61.
• The company maintains an attractive dividend but faces cautious sentiment: Its quarterly dividend is $0.20, or $0.80 annualized, yielding 4.8%, while analysts collectively rate the stock “Hold” with a $19 consensus price target; company insiders have also reported recent share sales.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) posted its earnings results on Tuesday. The savings and loans company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.08, FiscalAI reports. OceanFirst Financial had a return on equity of 5.34% and a net margin of 6.38%. The firm had revenue of $185.13 million during the quarter, compared to the consensus estimate of $177.79 million.

OceanFirst Financial Stock Up 1.2%

OCFC traded up $0.19 on Tuesday, hitting $16.67. 1,355,279 shares of the company were exchanged, compared to its average volume of 902,795. The firm has a 50-day moving average price of $17.64 and a two-hundred day moving average price of $18.47. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97. OceanFirst Financial has a twelve month low of $15.60 and a twelve month high of $20.61. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 19.61 and a beta of 1.02.

OceanFirst Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Monday, August 10th. OceanFirst Financial's dividend payout ratio (DPR) is currently 94.12%.

Analyst Ratings Changes

Several research firms have commented on OCFC. Piper Sandler reduced their price objective on OceanFirst Financial from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Tuesday, October 6th. Weiss Ratings downgraded OceanFirst Financial from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, September 25th. Four investment analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $19.00.

Insider Transactions at OceanFirst Financial

In related news, EVP Brian Schaeffer sold 5,500 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $18.91, for a total transaction of $104,005.00. Following the completion of the sale, the executive vice president directly owned 83,068 shares of the company's stock, valued at $1,570,815.88. This trade represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John R. Buran sold 113,463 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $19.40, for a total value of $2,201,182.20. Additional details regarding this sale are available in the official SEC disclosure. 5.40% of the stock is owned by insiders.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. NASDAQ: OCFC is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.

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