OceanFirst Financial Corp. (NASDAQ:OCFC) – Equities research analysts at Boenning Scattergood lowered their Q4 2021 earnings estimates for OceanFirst Financial in a research report issued to clients and investors on Thursday, January 13th. Boenning Scattergood analyst E. Zwick now expects that the savings and loans company will earn $0.45 per share for the quarter, down from their prior forecast of $0.47.
Several other research analysts also recently weighed in on the company. Zacks Investment Research upgraded OceanFirst Financial from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Friday, December 17th. Stephens downgraded OceanFirst Financial from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, November 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $24.92.
OceanFirst Financial (NASDAQ:OCFC) last announced its quarterly earnings data on Thursday, October 28th. The savings and loans company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.04. OceanFirst Financial had a return on equity of 7.32% and a net margin of 27.87%. The company had revenue of $87.02 million during the quarter, compared to the consensus estimate of $87.56 million.
A number of large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in OceanFirst Financial by 5.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,000,951 shares of the savings and loans company’s stock valued at $41,699,000 after buying an additional 108,740 shares during the period. State Street Corp raised its holdings in OceanFirst Financial by 21.5% during the 2nd quarter. State Street Corp now owns 1,975,875 shares of the savings and loans company’s stock valued at $41,177,000 after buying an additional 350,137 shares during the period. Geode Capital Management LLC raised its holdings in OceanFirst Financial by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,056,118 shares of the savings and loans company’s stock valued at $22,611,000 after buying an additional 4,806 shares during the period. Emerald Advisers LLC raised its holdings in OceanFirst Financial by 2.9% during the 3rd quarter. Emerald Advisers LLC now owns 1,048,118 shares of the savings and loans company’s stock valued at $22,440,000 after buying an additional 29,220 shares during the period. Finally, Nuveen Asset Management LLC increased its stake in OceanFirst Financial by 22.5% in the second quarter. Nuveen Asset Management LLC now owns 696,434 shares of the savings and loans company’s stock worth $14,513,000 after purchasing an additional 128,138 shares during the period. Institutional investors own 68.62% of the company’s stock.
In other news, Director Nicos Katsoulis bought 3,000 shares of the stock in a transaction dated Monday, November 29th. The stock was purchased at an average cost of $20.90 per share, for a total transaction of $62,700.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, November 19th. Stockholders of record on Monday, November 8th were given a dividend of $0.17 per share. The ex-dividend date was Friday, November 5th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.83%. OceanFirst Financial’s dividend payout ratio is currently 34.87%.
OceanFirst Financial Company Profile
OceanFirst Financial Corp. operates as a savings and loan holding company, which engages in the provision of 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 metropolitan New York City along with loan production offices in New Jersey, New York City and Pennsylvania.
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