OceanFirst Financial (NASDAQ:OCFC) Announces Earnings Results

by · The Markets Daily

OceanFirst Financial (NASDAQ:OCFC – Get Free Report) announced its quarterly earnings data on Thursday. The savings and loans company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02, FiscalAI reports. The firm had revenue of $104.69 million during the quarter, compared to analysts’ expectations of $103.20 million. OceanFirst Financial had a net margin of 11.77% and a return on equity of 5.02%.

OceanFirst Financial Stock Performance

NASDAQ:OCFC traded up $0.10 during midday trading on Thursday, reaching $19.19. 953,475 shares of the company traded hands, compared to its average volume of 843,834. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 14.88 and a beta of 1.07. OceanFirst Financial has a twelve month low of $14.29 and a twelve month high of $20.61. The company has a fifty day moving average price of $18.79 and a 200 day moving average price of $18.25.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OCFC shares. Raymond James Financial cut OceanFirst Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 31st. Zacks Research raised OceanFirst Financial from a “strong sell” rating to a “hold” rating in a research note on Monday, October 27th. Keefe, Bruyette & Woods upgraded OceanFirst Financial from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $20.00 to $22.00 in a research report on Friday, October 10th. Wall Street Zen cut OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of OceanFirst Financial in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $21.60.

Read Our Latest Stock Analysis on OCFC

Institutional Trading of OceanFirst Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its stake in OceanFirst Financial by 458.0% during the second quarter. Tower Research Capital LLC TRC now owns 8,526 shares of the savings and loans company’s stock valued at $150,000 after purchasing an additional 6,998 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in OceanFirst Financial by 7.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock worth $181,000 after purchasing an additional 673 shares during the period. Brevan Howard Capital Management LP acquired a new stake in OceanFirst Financial during the 2nd quarter valued at $281,000. CIBC Bancorp USA Inc. acquired a new stake in OceanFirst Financial during the 3rd quarter valued at $295,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of OceanFirst Financial by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock valued at $362,000 after purchasing an additional 885 shares during the period. 70.98% of the stock is currently owned by institutional investors.

About OceanFirst Financial

(Get Free Report)

OceanFirst Financial Corporation (NASDAQ: OCFC) is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company’s core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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