OceanFirst Financial Corp. (OCFC) Expected to Announce Quarterly Sales of $73.23 Million
Analysts expect that OceanFirst Financial Corp. (NASDAQ:OCFC) will post $73.23 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for OceanFirst Financial’s earnings. The lowest sales estimate is $71.80 million and the highest is $74.90 million. OceanFirst Financial reported sales of $64.62 million during the same quarter last year, which would suggest a positive year over year growth rate of 13.3%. The business is expected to announce its next earnings report on Thursday, April 25th.
According to Zacks, analysts expect that OceanFirst Financial will report full-year sales of $306.01 million for the current financial year, with estimates ranging from $301.80 million to $310.84 million. For the next financial year, analysts expect that the company will post sales of $320.60 million, with estimates ranging from $312.30 million to $329.08 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for OceanFirst Financial.
OceanFirst Financial (NASDAQ:OCFC) last posted its quarterly earnings data on Thursday, January 24th. The savings and loans company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.02). The business had revenue of $70.59 million during the quarter, compared to analyst estimates of $72.11 million. OceanFirst Financial had a return on equity of 9.26% and a net margin of 23.09%.
OceanFirst Financial stock traded up $0.11 on Friday, reaching $24.99. The company’s stock had a trading volume of 47,216 shares, compared to its average volume of 182,083. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.20 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.12 and a beta of 0.76. OceanFirst Financial has a twelve month low of $21.30 and a twelve month high of $30.90.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, February 4th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, February 1st. OceanFirst Financial’s dividend payout ratio (DPR) is presently 34.34%.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of OceanFirst Financial by 6.2% during the fourth quarter. BlackRock Inc. now owns 3,463,135 shares of the savings and loans company’s stock valued at $77,955,000 after acquiring an additional 201,750 shares during the period. Dimensional Fund Advisors LP increased its holdings in OceanFirst Financial by 6.0% in the third quarter. Dimensional Fund Advisors LP now owns 2,767,787 shares of the savings and loans company’s stock valued at $75,339,000 after purchasing an additional 155,482 shares during the last quarter. Vanguard Group Inc. increased its holdings in OceanFirst Financial by 2.4% in the third quarter. Vanguard Group Inc. now owns 1,819,792 shares of the savings and loans company’s stock valued at $49,535,000 after purchasing an additional 42,882 shares during the last quarter. Vanguard Group Inc increased its holdings in OceanFirst Financial by 2.4% in the third quarter. Vanguard Group Inc now owns 1,819,792 shares of the savings and loans company’s stock valued at $49,535,000 after purchasing an additional 42,882 shares during the last quarter. Finally, Brown Advisory Inc. increased its holdings in OceanFirst Financial by 25.3% in the third quarter. Brown Advisory Inc. now owns 1,262,633 shares of the savings and loans company’s stock valued at $34,369,000 after purchasing an additional 254,634 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.
About OceanFirst Financial
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for OceanFirst Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OceanFirst Financial and related companies with MarketBeat.com's FREE daily email newsletter.