Boenning Scattergood comments on OceanFirst Financial Corp’s first quarter 2022 results. (NASDAQ:OCFC)
OceanFirst Financial Corp. (NASDAQ:OCFC) – Investment analysts Boenning Scattergood released their first quarter 2022 earnings per share (EPS) estimates for OceanFirst Financial in a research note published Friday, January 28. Boenning Scattergood analyst E. Zwick expects the savings and loan company to earn $0.47 per share for the quarter. Boenning Scattergood also released estimates for OceanFirst Financial Q2 2022 earnings at $0.52 EPS, Q3 2022 earnings at $0.51 EPS, Q4 2022 earnings at $0.51 EPS and for fiscal year 2023 at $2.50 EPS.
A number of other brokerages have also weighed in on OCFC recently. Stephens downgraded OceanFirst Financial from an “overweight” rating to an “equally weighted” rating in a Wednesday, Nov. 10, report. Zacks Investment Research downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a Tuesday, January 18 report. Two investment analysts gave the stock a hold rating and four gave the company a buy rating. According to MarketBeat, OceanFirst Financial currently has a consensus buy rating and a consensus target price of $24.92.
NASDAQ:OCFC shares opened at $22.64 on Monday. The company’s fifty-day moving average is $22.18. The company has a market capitalization of $1.35 billion, a P/E ratio of 11.61 and a beta of 0.95. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt ratio of 0.17. OceanFirst Financial has a 52-week low of $18.14 and a 52-week high of $25.76. OceanFirst Financial (NASDAQ:OCFC) last released its results on Thursday, January 27. The savings and loan company reported EPS of $0.48 for the quarter, beating the consensus estimate of $0.44 by $0.04. OceanFirst Financial had a return on equity of 7.32% and a net margin of 27.87%. During the same period of the previous year, the company achieved EPS of $0.39.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 18. Shareholders of record on Monday, February 7 will receive a dividend of $0.17 per share. The ex-date of this dividend is Friday, February 4. This represents a dividend of $0.68 on an annualized basis and a dividend yield of 3.00%. OceanFirst Financial’s dividend payout ratio (DPR) is currently 34.87%.
In other OceanFirst Financial news, Director Nicos Katsoulis purchased 3,000 shares of the company in a deal that took place on Monday, November 29. The shares were acquired at an average price of $20.90 per share, with a total value of $62,700.00. The acquisition was disclosed in a document filed with the SEC, accessible via this link. 4.50% of the shares are currently held by insiders of the company.
A number of hedge funds and other institutional investors have recently changed their positions in the stock. Annapolis Financial Services LLC purchased a new position in shares of OceanFirst Financial during Q3 for a value of approximately $37,000. The Ohio Public Employees Retirement System bought a new stock position in OceanFirst Financial during Q2 for a value of approximately $59,000. Blue Bell Private Wealth Management LLC purchased a new stock position in OceanFirst Financial during Q4 for a value of approximately $145,000. Bailey Value Limited Partnership purchased a new position in shares of OceanFirst Financial during Q4 for a value of approximately $154,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of OceanFirst Financial during Q3 for a value of approximately $209,000. 68.62% of the shares are currently held by institutional investors and hedge funds.
About OceanFirst Financial
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, as well as loan origination offices in New Jersey, New York and Pennsylvania.
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