OceanFirst Financial (NASDAQ:OCFC) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

OceanFirst Financial (NASDAQ:OCFC) released its earnings results on Thursday. The savings and loans company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02, Zacks reports. OceanFirst Financial had a net margin of 15.28% and a return on equity of 6.08%.

OceanFirst Financial Price Performance

Shares of NASDAQ OCFC opened at $19.15 on Friday. The business’s 50 day moving average is $19.18 and its 200-day moving average is $18.24. The firm has a market cap of $1.12 billion, a P/E ratio of 10.94 and a beta of 1.06. OceanFirst Financial has a 1-year low of $14.03 and a 1-year high of $21.87. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.79.

Insider Buying and Selling at OceanFirst Financial

In other OceanFirst Financial news, Director Joseph M. Jr. Murphy sold 1,500 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $20.03, for a total transaction of $30,045.00. Following the transaction, the director now owns 177,417 shares in the company, valued at $3,553,662.51. This represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on OCFC shares. Raymond James upgraded OceanFirst Financial from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their price target on OceanFirst Financial from $21.00 to $22.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler set a $17.00 price objective on OceanFirst Financial and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, DA Davidson reiterated a “neutral” rating and set a $22.00 target price on shares of OceanFirst Financial in a research note on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $20.42.

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.