OceanFirst Financial (NASDAQ:OCFC) Announces Earnings Results

Key Points

• OceanFirst Financial reported quarterly earnings of $0.43 per share, narrowly beating analysts’ consensus estimate of $0.42. The company posted a 10.04% net margin and 5.35% return on equity.
• Shares fell 0.5% to $19.64 during Thursday trading, despite remaining near the upper end of their 52-week range. OceanFirst Financial has a $1.13 billion market capitalization and a price-to-earnings ratio of 16.79.
• Analyst sentiment remains cautious, with one Buy rating and five Holds; the average price target is $21.00. Institutional investors own approximately 70.98% of the company, including significant recent purchases by T. Rowe Price and Invesco.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) posted its quarterly earnings data on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.01, Zacks reports. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%.

OceanFirst Financial Trading Down 0.5%

OCFC stock traded down $0.09 during midday trading on Thursday, reaching $19.64. The company's stock had a trading volume of 841,723 shares, compared to its average volume of 828,883. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a fifty day simple moving average of $18.89 and a two-hundred day simple moving average of $18.70. OceanFirst Financial has a 1 year low of $16.09 and a 1 year high of $20.61. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 16.79 and a beta of 0.98.

Institutional Trading of OceanFirst Financial

A number of large investors have recently made changes to their positions in the stock. Corient Private Wealth LLC bought a new stake in OceanFirst Financial during the 4th quarter valued at about $186,000. Virtu Financial LLC bought a new position in OceanFirst Financial in the 4th quarter worth about $272,000. T. Rowe Price Investment Management Inc. bought a new position in OceanFirst Financial in the 4th quarter worth about $38,976,000. Invesco Ltd. increased its position in shares of OceanFirst Financial by 6.6% during the fourth quarter. Invesco Ltd. now owns 1,998,148 shares of the savings and loans company's stock worth $35,867,000 after acquiring an additional 123,691 shares during the period. Finally, EP Wealth Advisors LLC purchased a new position in shares of OceanFirst Financial during the fourth quarter worth approximately $247,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OCFC. DA Davidson lifted their price target on shares of OceanFirst Financial from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, June 29th. Finally, Piper Sandler set a $19.00 price objective on shares of OceanFirst Financial and gave the stock a "neutral" rating in a research note on Friday, June 12th. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, OceanFirst Financial currently has an average rating of "Hold" and an average target price of $21.00.

About OceanFirst Financial

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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