DA Davidson Weighs in on OceanFirst Financial Corp.’s Q2 2023 Earnings (NASDAQ:OCFC)

Posted by Defense World Staff on Apr 26th, 2023

OceanFirst Financial Corp. (NASDAQ:OCFC – Get Rating) – Equities researchers at DA Davidson issued their Q2 2023 earnings estimates for OceanFirst Financial in a report released on Monday, April 24th. DA Davidson analyst M. Navas expects that the savings and loans company will post earnings per share of $0.57 for the quarter. The consensus estimate for OceanFirst Financial’s current full-year earnings is $2.66 per share. DA Davidson also issued estimates for OceanFirst Financial’s FY2024 earnings at $2.55 EPS.

Several other equities research analysts also recently commented on the stock. StockNews.com began coverage on shares of OceanFirst Financial in a research note on Thursday, March 16th. They set a “hold” rating for the company. Stephens reaffirmed an “equal weight” rating and set a $23.00 target price on shares of OceanFirst Financial in a report on Friday, April 21st. Finally, Keefe, Bruyette & Woods dropped their target price on OceanFirst Financial from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Thursday, April 6th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, OceanFirst Financial currently has a consensus rating of “Hold” and a consensus price target of $23.50.

OceanFirst Financial Stock Down 5.1 %

OCFC stock opened at $15.43 on Tuesday. The stock has a market capitalization of $913.46 million, a PE ratio of 6.27 and a beta of 0.89. OceanFirst Financial has a 52 week low of $15.37 and a 52 week high of $24.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.90. The firm has a 50 day moving average of $20.07 and a 200 day moving average of $21.54.

Institutional Investors Weigh In On OceanFirst Financial

Several hedge funds have recently modified their holdings of the company. Denali Advisors LLC grew its holdings in shares of OceanFirst Financial by 202.6% during the 1st quarter. Denali Advisors LLC now owns 59,000 shares of the savings and loans company’s stock worth $1,090,000 after purchasing an additional 39,500 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of OceanFirst Financial in the 1st quarter worth about $105,000. Victory Capital Management Inc. boosted its stake in OceanFirst Financial by 12.9% in the fourth quarter. Victory Capital Management Inc. now owns 326,567 shares of the savings and loans company’s stock valued at $6,940,000 after acquiring an additional 37,376 shares during the period. Moneta Group Investment Advisors LLC boosted its position in OceanFirst Financial by 15.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 16,677 shares of the savings and loans company’s stock valued at $354,000 after purchasing an additional 2,246 shares during the period. Finally, Cerity Partners LLC grew its position in shares of OceanFirst Financial by 0.7% during the fourth quarter. Cerity Partners LLC now owns 59,404 shares of the savings and loans company’s stock worth $1,262,000 after acquiring an additional 418 shares during the last quarter. 69.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at OceanFirst Financial

In other news, VP Steven James Tsimbinos bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average price of $22.12 per share, with a total value of $44,240.00. Following the purchase, the vice president now owns 3,000 shares in the company, valued at $66,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Joseph M. Jr. Murphy purchased 3,643 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was acquired at an average price of $21.93 per share, for a total transaction of $79,890.99. Following the completion of the purchase, the director now directly owns 3,643 shares of the company’s stock, valued at $79,890.99. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Steven James Tsimbinos acquired 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $22.12 per share, for a total transaction of $44,240.00. Following the acquisition, the vice president now owns 3,000 shares of the company’s stock, valued at approximately $66,360. The disclosure for this purchase can be found here. Insiders have acquired 6,643 shares of company stock worth $146,121 over the last quarter. 4.90% of the stock is currently owned by company insiders.

OceanFirst Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 19th. Stockholders of record on Monday, May 8th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 5.18%. The ex-dividend date of this dividend is Friday, May 5th. OceanFirst Financial’s payout ratio is presently 32.52%.

About OceanFirst Financial

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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.