OceanFirst Financial (NASDAQ:OCFC) Issues Earnings Results

OceanFirst Financial (NASDAQ:OCFC) posted its earnings results on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.43, Zacks reports. OceanFirst Financial had a return on equity of 5.94% and a net margin of 6.38%.The business had revenue of $131.33 million during the quarter, compared to analyst estimates of $135.62 million.

OceanFirst Financial Price Performance

OCFC stock opened at $19.31 on Friday. The firm has a 50 day simple moving average of $18.92 and a two-hundred day simple moving average of $18.71. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $1.11 billion, a PE ratio of 22.72 and a beta of 0.98. OceanFirst Financial has a one year low of $16.09 and a one year high of $20.61.

OceanFirst Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Monday, August 10th. OceanFirst Financial’s payout ratio is currently 94.12%.

More OceanFirst Financial News

Here are the key news stories impacting OceanFirst Financial this week:

• Positive Sentiment: OceanFirst reported second-quarter earnings of $0.43 per share, exceeding the $0.42 analyst consensus and rising from $0.31 a year earlier. The earnings beat may support the stock by indicating improved per-share profitability. OceanFirst Financial Q2 Earnings and Revenues Top Estimates
• Positive Sentiment: The board declared a quarterly dividend of $0.20 per share, payable August 21 to shareholders of record August 10. The annualized payout implies a yield of approximately 4.1%, which may appeal to income-focused investors and reinforce the company’s shareholder-return strategy. OceanFirst Financial Dividend Strengthens Focus
• Positive Sentiment: Investor commentary points to the company’s completed merger and dividend yield as key parts of the investment case, potentially improving the outlook for scale and shareholder returns. OceanFirst Financial Merger Complete, Great Dividend Yield

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. DA Davidson raised their price objective on shares of OceanFirst Financial from $19.00 to $20.00 and gave the company a “neutral” rating in a research report on Tuesday, April 28th. Piper Sandler set a $19.00 target price on shares of OceanFirst Financial and gave the stock a “neutral” rating in a report on Friday, June 12th. Finally, Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 29th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, OceanFirst Financial currently has an average rating of “Hold” and an average price target of $21.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in shares of OceanFirst Financial by 458.0% during the 2nd 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 second quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock worth $181,000 after buying an additional 673 shares in the last quarter. Corient Private Wealth LLC bought a new position in OceanFirst Financial during the fourth quarter valued at approximately $186,000. Millennium Management LLC purchased a new position in shares of OceanFirst Financial during the fourth quarter worth approximately $192,000. Finally, nVerses Capital LLC bought a new stake in shares of OceanFirst Financial in the 4th quarter worth approximately $215,000. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

About OceanFirst Financial

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.