FY2024 Earnings Estimate for OceanFirst Financial Corp. Issued By DA Davidson (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) – Stock analysts at DA Davidson reduced their FY2024 earnings per share (EPS) estimates for shares of OceanFirst Financial in a report issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now forecasts that the savings and loans company will earn $1.75 per share for the year, down from their prior forecast of $1.95. The consensus estimate for OceanFirst Financial’s current full-year earnings is $1.76 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2025 earnings at $2.10 EPS.

Several other equities research analysts have also commented on the company. TheStreet upgraded OceanFirst Financial from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. StockNews.com upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday. Raymond James dropped their target price on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday. Stephens restated an “equal weight” rating and issued a $20.00 target price on shares of OceanFirst Financial in a report on Friday, April 19th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $19.00 price target (down from $22.00) on shares of OceanFirst Financial in a research report on Monday. 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $18.20.

OceanFirst Financial Trading Down 1.6 %

Shares of OCFC stock opened at $15.23 on Thursday. The stock has a market cap of $906.64 million, a price-to-earnings ratio of 8.91 and a beta of 1.00. The stock has a 50-day moving average of $15.32 and a 200-day moving average of $15.40. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.64. OceanFirst Financial has a 1-year low of $12.01 and a 1-year high of $19.58.

OceanFirst Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend is Friday, May 3rd. OceanFirst Financial’s dividend payout ratio is 46.78%.

Institutional Investors Weigh In On OceanFirst Financial

Hedge funds have recently added to or reduced their stakes in the company. CRA Financial Services LLC increased its holdings in shares of OceanFirst Financial by 2.8% in the fourth quarter. CRA Financial Services LLC now owns 25,314 shares of the savings and loans company’s stock worth $439,000 after buying an additional 696 shares during the period. Strs Ohio increased its holdings in shares of OceanFirst Financial by 1.9% in the fourth quarter. Strs Ohio now owns 42,300 shares of the savings and loans company’s stock worth $734,000 after buying an additional 800 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of OceanFirst Financial by 6.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 17,434 shares of the savings and loans company’s stock worth $303,000 after buying an additional 1,016 shares during the period. Cary Street Partners Investment Advisory LLC increased its holdings in shares of OceanFirst Financial by 19.3% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 9,579 shares of the savings and loans company’s stock worth $139,000 after buying an additional 1,550 shares during the period. Finally, Swiss National Bank increased its holdings in shares of OceanFirst Financial by 1.5% in the third quarter. Swiss National Bank now owns 130,733 shares of the savings and loans company’s stock worth $1,892,000 after buying an additional 1,900 shares during the period. Institutional investors own 70.98% of the company’s stock.

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.