OceanFirst Financial (NASDAQ:OCFC) Announces Earnings Results, Misses Estimates By $0.02 EPS

Key Points

• OceanFirst Financial reported quarterly earnings of $0.31 per share, missing expectations by $0.02, with revenues at $99.37 million against estimates of $101.26 million.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annual yield of 4.59%.
• Institutional investors own 70.98% of OceanFirst Financial's stock, indicating significant confidence from large investors.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) announced its quarterly earnings results on Thursday. The savings and loans company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02), Zacks reports. The business had revenue of $99.37 million for the quarter, compared to the consensus estimate of $101.26 million. OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.18%.

OceanFirst Financial Trading Down 0.2%

Shares of NASDAQ:OCFC traded down $0.03 during mid-day trading on Wednesday, reaching $17.09. 97,540 shares of the company's stock were exchanged, compared to its average volume of 302,437. OceanFirst Financial has a twelve month low of $14.29 and a twelve month high of $21.87. The business's fifty day moving average price is $17.60 and its 200-day moving average price is $17.34. The firm has a market capitalization of $997.78 million, a price-to-earnings ratio of 12.12 and a beta of 0.99. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.00 and a current ratio of 1.00.

OceanFirst Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be given a $0.20 dividend. The ex-dividend date is Monday, August 4th. This represents a $0.80 dividend on an annualized basis and a yield of 4.68%. OceanFirst Financial's dividend payout ratio is currently 56.74%.

Institutional Investors Weigh In On OceanFirst Financial

Several hedge funds and other institutional investors have recently made changes to their positions in OCFC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OceanFirst Financial by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company's stock valued at $582,000 after purchasing an additional 1,461 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of OceanFirst Financial by 107.0% during the 1st quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company's stock valued at $1,503,000 after purchasing an additional 45,673 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of OceanFirst Financial by 5.5% during the 1st quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company's stock valued at $2,390,000 after purchasing an additional 7,359 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of OceanFirst Financial by 8.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,122 shares of the savings and loans company's stock valued at $2,417,000 after purchasing an additional 11,262 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OCFC. Raymond James Financial reduced their target price on shares of OceanFirst Financial from $24.00 to $21.00 and set a "strong-buy" rating for the company in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their target price on OceanFirst Financial from $21.00 to $20.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $20.67.

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.