Equities analysts forecast that OceanFirst Financial Corp. (NASDAQ:OCFC) will announce $73.56 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for OceanFirst Financial’s earnings. The lowest sales estimate is $73.10 million and the highest is $73.99 million. OceanFirst Financial reported sales of $50.42 million in the same quarter last year, which indicates a positive year over year growth rate of 45.9%. The company is scheduled to report its next quarterly earnings results on Thursday, October 25th.

On average, analysts expect that OceanFirst Financial will report full-year sales of $282.76 million for the current financial year, with estimates ranging from $281.10 million to $284.10 million. For the next fiscal year, analysts forecast that the company will post sales of $302.80 million per share, with estimates ranging from $301.14 million to $305.87 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover OceanFirst Financial.

OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings results on Thursday, July 26th. The savings and loans company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $70.33 million during the quarter, compared to the consensus estimate of $72.43 million. OceanFirst Financial had a net margin of 16.84% and a return on equity of 8.97%.

Several brokerages have recently issued reports on OCFC. Zacks Investment Research downgraded shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Thursday, May 17th. BidaskClub downgraded shares of OceanFirst Financial from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. DA Davidson upped their price target on shares of OceanFirst Financial from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Raymond James began coverage on shares of OceanFirst Financial in a report on Thursday, June 28th. They set an “outperform” rating and a $33.00 price target for the company. Finally, Hovde Group reiterated a “buy” rating and set a $34.00 price target on shares of OceanFirst Financial in a report on Monday, June 25th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. OceanFirst Financial currently has an average rating of “Buy” and an average target price of $33.29.

In related news, Director Kimberly M. Guadagno acquired 1,725 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The stock was acquired at an average cost of $28.93 per share, for a total transaction of $49,904.25. Following the completion of the acquisition, the director now directly owns 1,725 shares of the company’s stock, valued at approximately $49,904.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in OceanFirst Financial by 24.6% in the second quarter. Bank of New York Mellon Corp now owns 409,098 shares of the savings and loans company’s stock valued at $12,257,000 after purchasing an additional 80,674 shares during the period. Schroder Investment Management Group acquired a new stake in OceanFirst Financial in the second quarter valued at $19,975,000. California Public Employees Retirement System increased its holdings in OceanFirst Financial by 17.9% in the second quarter. California Public Employees Retirement System now owns 51,931 shares of the savings and loans company’s stock valued at $1,556,000 after purchasing an additional 7,881 shares during the period. MetLife Investment Advisors LLC grew its holdings in OceanFirst Financial by 13.4% during the 2nd quarter. MetLife Investment Advisors LLC now owns 22,048 shares of the savings and loans company’s stock worth $661,000 after acquiring an additional 2,605 shares during the period. Finally, Metropolitan Life Insurance Co. NY grew its holdings in OceanFirst Financial by 28.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 15,570 shares of the savings and loans company’s stock worth $466,000 after acquiring an additional 3,488 shares during the period. Institutional investors and hedge funds own 74.14% of the company’s stock.

Shares of NASDAQ:OCFC traded down $0.23 during trading on Monday, hitting $28.36. 7,164 shares of the company were exchanged, compared to its average volume of 133,522. The company has a market capitalization of $1.41 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.43 and a beta of 0.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.99 and a current ratio of 0.99. OceanFirst Financial has a 1-year low of $24.66 and a 1-year high of $30.90.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Monday, August 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 2.12%. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, August 3rd. OceanFirst Financial’s dividend payout ratio is presently 35.29%.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

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Earnings History and Estimates for OceanFirst Financial (NASDAQ:OCFC)

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