OceanFirst Financial Corp. (NASDAQ: OCFC) – Seaport Res Ptn stock analysts increased their earnings per share estimates for the third quarter of 2021 for shares of OceanFirst Financial in a research note released on Friday, October 8. Seaport Res Ptn analyst D. Bishop now predicts the savings and loan company will earn $ 0.43 per share for the quarter, up from its previous estimate of $ 0.42. OceanFirst Financial (NASDAQ: OCFC) last reported its results on Thursday, July 29. The savings and loan company reported earnings per share (EPS) of $ 0.49 for the quarter, beating Zacks’ consensus estimate of $ 0.43 by $ 0.06. OceanFirst Financial had a net margin of 20.86% and a return on equity of 5.50%. The company posted revenue of $ 85.82 million in the quarter, compared to analysts’ estimates of $ 87.18 million.
OCFC has been the subject of a number of other reports. Keefe, Bruyette & Woods reissued an “outperformance” rating and issued a price target of $ 26.00 on OceanFirst Financial shares in a report released on Friday, July 30. Stephens downgraded shares of OceanFirst Financial from a “peer-to-peer” rating to an “overweight” rating and lowered his price target for the company from $ 24.00 to $ 23.50 in a report released on Wednesday August 4. Finally, Piper Sandler downgraded OceanFirst Financial shares from a “neutral” to an “overweight” rating and raised her price target for the company from $ 23.00 to $ 24.00 in a published report. Friday August 6. One investment analyst gave the stock a conservation rating, six assigned a buy rating, and another gave the stock a high buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $ 24.81.
Actions of NASDAQ OCFC open for $ 22.16 on Mondays. OceanFirst Financial has a twelve month low of $ 14.06 and a twelve month high of $ 25.76. The company has a current ratio of 0.93, a quick ratio of 0.93, and a debt ratio of 0.17. The company has a market cap of $ 1.33 billion, a price-to-earnings ratio of 15.18 and a beta of 0.98. The company has a 50-day moving average of $ 21.00 and a two-hundred-day moving average of $ 21.56.
Hedge funds and other institutional investors recently bought and sold shares in the company. Morgan Stanley increased its stake in OceanFirst Financial by 139.9% in the second quarter. Morgan Stanley now owns 213,213 shares of the savings and loan company valued at $ 4,442,000 after purchasing an additional 124,338 shares in the last quarter. Metropolitan Life Insurance Co NY increased its stake in OceanFirst Financial by 85,161.1% in the second quarter. Metropolitan Life Insurance Co NY now owns 15,347 shares of the savings and loan company valued at $ 320,000 after purchasing an additional 15,329 shares in the last quarter. Millennium Management LLC increased its stake in OceanFirst Financial by 63.7% in the second quarter. Millennium Management LLC now owns 570,229 shares of the savings and loan company valued at $ 11,884,000 after purchasing an additional 221,864 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in OceanFirst Financial by 4.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 24,850 shares of the savings and loan company valued at $ 518,000 after purchasing 951 additional shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in OceanFirst Financial by 10.9% in the second quarter. AQR Capital Management LLC now owns 75,582 shares of the savings and loan company valued at $ 1,575,000 after purchasing an additional 7,400 shares in the last quarter. 68.23% of the shares are held by institutional investors and hedge funds.
In other news, the director Nicos Katsoulis acquired 2,000 shares of OceanFirst Financial in a transaction on Tuesday August 3. The stock was purchased at an average cost of $ 19.07 per share, for a total value of $ 38,140.00. The purchase was disclosed in a file with the Securities & Exchange Commission, which is available at this link. 3.80% of the shares are currently held by company insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 20. Shareholders of record on Monday, August 9, received a dividend of $ 0.17 per share. This represents a dividend of $ 0.68 on an annualized basis and a return of 3.07%. The ex-dividend date was Friday August 6. OceanFirst Financial’s dividend payout ratio is currently 56.67%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a savings and loan holding company, which provides financial services. Its subsidiary OceanFirst Bank offers commercial and residential financing solutions, wealth management and deposit services. It has retail branches throughout the state and in the New York metropolis, as well as loan production offices in New Jersey, New York and Pennsylvania.
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