OceanFirst Financial Corp. (NASDAQ:OCFC) Expected to Earn FY2024 Earnings of $1.75 Per Share

OceanFirst Financial Corp. (NASDAQ:OCFC - Free Report) - Stock analysts at DA Davidson reduced their FY2024 earnings estimates for OceanFirst Financial in a research note issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now expects that the savings and loans company will post earnings per share of $1.75 for the year, down from their previous estimate of $1.95. The consensus estimate for OceanFirst Financial's current full-year earnings is $1.76 per share. DA Davidson also issued estimates for OceanFirst Financial's FY2025 earnings at $2.10 EPS.

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

OceanFirst Financial Trading Down 1.6 %

Shares of NASDAQ OCFC traded down $0.24 during midday trading on Thursday, hitting $15.23. 208,662 shares of the company traded hands, compared to its average volume of 325,773. The stock has a 50-day moving average price of $15.34 and a 200 day moving average price of $15.40. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $906.64 million, a P/E ratio of 9.05 and a beta of 1.00. OceanFirst Financial has a 12-month low of $12.01 and a 12-month high of $19.58.

OceanFirst Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.25%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial's payout ratio is 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Several hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in OceanFirst Financial during the third quarter valued at approximately $34,000. International Assets Investment Management LLC increased its holdings in shares of OceanFirst Financial by 1,240.5% during the 4th quarter. International Assets Investment Management LLC now owns 3,472 shares of the savings and loans company's stock valued at $60,000 after purchasing an additional 3,213 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake in shares of OceanFirst Financial by 19.3% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company's stock worth $139,000 after acquiring an additional 1,550 shares in the last quarter. Chapin Davis Inc. purchased a new position in shares of OceanFirst Financial in the 4th quarter valued at about $207,000. Finally, SG Americas Securities LLC acquired a new position in OceanFirst Financial in the 3rd quarter worth about $176,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

About OceanFirst Financial

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.