OceanFirst Financial Corp. (NASDAQ:OCFC) - Stock analysts at Seaport Res Ptn increased their Q3 2021 earnings per share estimates for shares of OceanFirst Financial in a research note issued on Friday, October 8th. Seaport Res Ptn analyst D. Bishop now forecasts that the savings and loans company will earn $0.43 per share for the quarter, up from their previous estimate of $0.42. OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Thursday, July 29th. The savings and loans company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of $0.43 by $0.06. OceanFirst Financial had a net margin of 20.86% and a return on equity of 5.50%. The firm had revenue of $85.82 million during the quarter, compared to analyst estimates of $87.18 million.
OCFC has been the subject of a number of other reports. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $26.00 price target on shares of OceanFirst Financial in a report on Friday, July 30th. Stephens raised shares of OceanFirst Financial from an "equal weight" rating to an "overweight" rating and cut their price target for the company from $24.00 to $23.50 in a report on Wednesday, August 4th. Finally, Piper Sandler raised shares of OceanFirst Financial from a "neutral" rating to an "overweight" rating and upped their price target for the company from $23.00 to $24.00 in a report on Friday, August 6th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $24.81.
Shares of NASDAQ OCFC opened at $22.16 on Monday. OceanFirst Financial has a twelve month low of $14.06 and a twelve month high of $25.76. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 15.18 and a beta of 0.98. The firm has a 50-day moving average of $21.00 and a two-hundred day moving average of $21.56.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley increased its holdings in OceanFirst Financial by 139.9% in the second quarter. Morgan Stanley now owns 213,213 shares of the savings and loans company's stock worth $4,442,000 after buying an additional 124,338 shares during the last quarter. Metropolitan Life Insurance Co NY increased its holdings in OceanFirst Financial by 85,161.1% in the second quarter. Metropolitan Life Insurance Co NY now owns 15,347 shares of the savings and loans company's stock worth $320,000 after buying an additional 15,329 shares during the last quarter. Millennium Management LLC increased its holdings in OceanFirst Financial by 63.7% in the second quarter. Millennium Management LLC now owns 570,229 shares of the savings and loans company's stock worth $11,884,000 after buying an additional 221,864 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in OceanFirst Financial by 4.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 24,850 shares of the savings and loans company's stock worth $518,000 after buying an additional 951 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in OceanFirst Financial by 10.9% in the second quarter. AQR Capital Management LLC now owns 75,582 shares of the savings and loans company's stock worth $1,575,000 after buying an additional 7,400 shares during the last quarter. 68.23% of the stock is owned by institutional investors and hedge funds.
In other news, Director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial stock in a transaction on Tuesday, August 3rd. The stock was bought at an average cost of $19.07 per share, with a total value of $38,140.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 20th. Shareholders of record on Monday, August 9th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Friday, August 6th. OceanFirst Financial's dividend payout ratio is presently 56.67%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of financial services. Its subsidiary OceanFirst Bank, offers commercial and residential financing solutions, wealth management, and deposit services. It has retail branches throughout the state and in metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.
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