OceanFirst Financial (NASDAQ:OCFC) Releases Earnings Results, Misses Expectations 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02), Zacks reports. The firm had revenue of $99.37 million during the quarter, compared to analysts' expectations of $101.26 million. OceanFirst Financial had a net margin of 12.89% and a return on equity of 5.18%.

OceanFirst Financial Stock Performance

Shares of NASDAQ:OCFC opened at $17.43 on Friday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 12.36 and a beta of 0.99. OceanFirst Financial has a 52 week low of $14.29 and a 52 week high of $21.87. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $17.60 and a 200 day moving average of $17.35.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend is Monday, August 4th. OceanFirst Financial's dividend payout ratio (DPR) is 52.29%.

Hedge Funds Weigh In On OceanFirst Financial

Large investors have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in OceanFirst Financial by 8.6% in the first 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 worth $2,417,000 after buying an additional 11,262 shares in the last quarter. Empowered Funds LLC increased its position in shares of OceanFirst Financial by 5.5% during the first quarter. Empowered Funds LLC now owns 140,481 shares of the savings and loans company's stock worth $2,390,000 after purchasing an additional 7,359 shares in the last quarter. Jane Street Group LLC increased its position in shares of OceanFirst Financial by 107.0% during the first quarter. Jane Street Group LLC now owns 88,353 shares of the savings and loans company's stock worth $1,503,000 after purchasing an additional 45,673 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of OceanFirst Financial by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company's stock worth $582,000 after purchasing an additional 1,461 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Analyst Ratings Changes

OCFC has been the subject of a number of research reports. Raymond James Financial lowered their price target on 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 lowered their price target on OceanFirst Financial from $21.00 to $20.00 and set a "market perform" rating for the company in a report on Monday, April 28th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $20.67.

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.

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