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

OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) - Stock analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of OceanFirst Financial in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst M. Navas forecasts that the savings and loans company will post earnings of $0.45 per share for the quarter. The consensus estimate for OceanFirst Financial's current full-year earnings is $1.76 per share.

Other research analysts have also recently issued research reports about the stock. TheStreet upgraded shares of OceanFirst Financial from a "c+" rating to a "b-" rating in a research note on Monday, January 8th. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $19.00 price target (down previously from $22.00) on shares of OceanFirst Financial in a research note on Monday. StockNews.com upgraded shares of OceanFirst Financial from a "sell" rating to a "hold" rating in a research note on Monday. Stephens reiterated an "equal weight" rating and set a $20.00 price target on shares of OceanFirst Financial in a research note on Friday, April 19th. Finally, Raymond James lowered their target price on shares of OceanFirst Financial from $22.00 to $20.00 and set an "outperform" rating on the stock in a research note on Monday. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $18.20.

OceanFirst Financial Stock Performance

NASDAQ:OCFC traded up $0.03 during trading hours on Wednesday, reaching $15.47. The company had a trading volume of 370,874 shares, compared to its average volume of 326,523. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $19.58. The firm has a market cap of $920.93 million, a price-to-earnings ratio of 8.98 and a beta of 1.00. The firm's 50 day moving average price is $15.33 and its 200-day moving average price is $15.40.

Institutional Trading of OceanFirst Financial

Several hedge funds have recently bought and sold shares of OCFC. Boston Partners increased its holdings 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 buying an additional 139,646 shares during the last quarter. GSA Capital Partners LLP bought a new position in OceanFirst Financial during the 3rd quarter valued at about $1,015,000. Charles Schwab Investment Management Inc. grew its holdings in OceanFirst Financial by 6.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 695,344 shares of the savings and loans company's stock valued at $10,062,000 after purchasing an additional 43,649 shares during the last quarter. American Century Companies Inc. grew its stake in OceanFirst Financial by 17.3% in the 3rd quarter. American Century Companies Inc. now owns 517,771 shares of the savings and loans company's stock worth $7,492,000 after acquiring an additional 76,317 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in OceanFirst Financial by 143.3% in the 3rd quarter. AQR Capital Management LLC now owns 380,529 shares of the savings and loans company's stock worth $5,506,000 after acquiring an additional 224,146 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

OceanFirst Financial Dividend Announcement

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

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.