OceanFirst Financial Corp. Expected to Post Q1 2019 Earnings of $0.52 Per Share (OCFC)
OceanFirst Financial Corp. (NASDAQ:OCFC) – Analysts at FIG Partners issued their Q1 2019 earnings per share (EPS) estimates for OceanFirst Financial Corp. in a research report issued to clients and investors on Monday. FIG Partners analyst D. Bishop forecasts that the savings and loans company will post earnings of $0.52 per share for the quarter. FIG Partners also issued estimates for OceanFirst Financial Corp.’s Q2 2019 earnings at $0.49 EPS, Q3 2019 earnings at $0.51 EPS and FY2019 earnings at $2.06 EPS.
OceanFirst Financial Corp. (NASDAQ:OCFC) last posted its earnings results on Thursday, October 26th. The savings and loans company reported $0.45 earnings per share for the quarter, hitting the consensus estimate of $0.45. The firm had revenue of $50.42 million during the quarter, compared to the consensus estimate of $50.41 million. OceanFirst Financial Corp. had a net margin of 18.59% and a return on equity of 8.93%.
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Several other equities analysts have also commented on the company. BidaskClub lowered OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Sandler O’Neill raised OceanFirst Financial Corp. from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research note on Wednesday, September 20th. Zacks Investment Research lowered OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. DA Davidson started coverage on OceanFirst Financial Corp. in a research note on Thursday, September 21st. They issued a “buy” rating and a $31.00 price target on the stock. Finally, Hovde Group started coverage on OceanFirst Financial Corp. in a research note on Monday, October 9th. They issued an “outperform” rating and a $32.00 price target on the stock. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $31.00.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Monday, November 6th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, November 3rd. OceanFirst Financial Corp.’s payout ratio is 50.00%.
In related news, Director Steven E. Brady sold 3,825 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $24.89, for a total transaction of $95,204.25. Following the transaction, the director now owns 67,177 shares of the company’s stock, valued at approximately $1,672,035.53. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 7.00% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Sei Investments Co. lifted its stake in OceanFirst Financial Corp. by 80.5% during the 2nd quarter. Sei Investments Co. now owns 3,776 shares of the savings and loans company’s stock worth $102,000 after acquiring an additional 1,684 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in OceanFirst Financial Corp. by 2,366.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,946 shares of the savings and loans company’s stock worth $107,000 after acquiring an additional 3,786 shares in the last quarter. Legal & General Group Plc lifted its stake in OceanFirst Financial Corp. by 6.8% during the 1st quarter. Legal & General Group Plc now owns 6,531 shares of the savings and loans company’s stock worth $184,000 after acquiring an additional 418 shares in the last quarter. UBS Asset Management Americas Inc. acquired a new position in OceanFirst Financial Corp. during the 1st quarter worth about $228,000. Finally, Bank of America Corp DE lifted its stake in OceanFirst Financial Corp. by 55.0% during the 1st quarter. Bank of America Corp DE now owns 14,241 shares of the savings and loans company’s stock worth $402,000 after acquiring an additional 5,054 shares in the last quarter. 67.45% of the stock is currently owned by hedge funds and other institutional investors.
OceanFirst Financial Corp. Company Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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