OceanFirst Financial Corp. Expected to Earn FY2024 Earnings of $1.75 Per Share (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Stock analysts at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for shares of OceanFirst Financial in a research note issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now anticipates that the savings and loans company will post earnings per share of $1.75 for the year, down from their prior forecast of $1.95. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.72 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2025 earnings at $2.10 EPS.

OCFC has been the subject of a number of other reports. Raymond James lowered their price target on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Monday, April 22nd. Stephens reissued an “equal weight” rating and issued a $20.00 price target on shares of OceanFirst Financial in a research report on Friday, April 19th. TheStreet raised OceanFirst Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. StockNews.com raised OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Monday, April 22nd. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $19.00 price target (down from $22.00) on shares of OceanFirst Financial in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, OceanFirst Financial has a consensus rating of “Hold” and an average price target of $18.20.

OceanFirst Financial Price Performance

Shares of OCFC opened at $15.37 on Thursday. OceanFirst Financial has a 12-month low of $12.01 and a 12-month high of $19.58. The business’s fifty day moving average is $15.31 and its 200 day moving average is $15.41. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.64. The stock has a market cap of $914.98 million, a P/E ratio of 8.99 and a beta of 1.00.

OceanFirst Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s dividend payout ratio is presently 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Several large investors have recently made changes to their positions in OCFC. SG Americas Securities LLC purchased a new stake in shares of OceanFirst Financial during the 3rd quarter valued at $176,000. Bailard Inc. purchased a new stake in shares of OceanFirst Financial during the 3rd quarter valued at $267,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of OceanFirst Financial by 42.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,725 shares of the savings and loans company’s stock valued at $184,000 after purchasing an additional 3,796 shares during the last quarter. Principal Financial Group Inc. increased its holdings in OceanFirst Financial by 47.3% in the 3rd quarter. Principal Financial Group Inc. now owns 21,334 shares of the savings and loans company’s stock worth $309,000 after acquiring an additional 6,846 shares during the last quarter. Finally, Seizert Capital Partners LLC increased its holdings in OceanFirst Financial by 3.1% in the 3rd quarter. Seizert Capital Partners LLC now owns 144,735 shares of the savings and loans company’s stock worth $2,094,000 after acquiring an additional 4,299 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

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.