OceanFirst Financial (NASDAQ:OCFC) Posts Earnings Results, Misses Estimates By $0.03 EPS

OceanFirst Financial (NASDAQ:OCFC) announced its quarterly earnings data on Thursday. The savings and loans company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03), Yahoo Finance reports. The business had revenue of $170.41 million during the quarter, compared to analyst estimates of $94.93 million. OceanFirst Financial had a net margin of 15.54% and a return on equity of 6.17%. During the same quarter in the prior year, the company posted $0.46 EPS.

OceanFirst Financial Price Performance

NASDAQ:OCFC traded down $0.42 during mid-day trading on Friday, reaching $17.86. 107,925 shares of the company were exchanged, compared to its average volume of 308,864. OceanFirst Financial has a 12 month low of $12.01 and a 12 month high of $19.58. The company has a fifty day moving average of $15.38 and a 200 day moving average of $15.71. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.67. The stock has a market cap of $1.05 billion, a PE ratio of 10.53 and a beta of 1.03.

Insiders Place Their Bets

In other OceanFirst Financial news, EVP Brian Schaeffer sold 3,500 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $15.49, for a total transaction of $54,215.00. Following the sale, the executive vice president now owns 41,868 shares of the company’s stock, valued at approximately $648,535.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on OCFC shares. Raymond James dropped their target price on shares of 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 reiterated an “equal weight” rating and set a $20.00 target price on shares of OceanFirst Financial in a research report on Friday, April 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $18.00 target price (down previously from $19.00) on shares of OceanFirst Financial in a research report on Friday, May 31st. Finally, StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Monday, April 22nd. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $18.00.

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.