OceanFirst Financial (NASDAQ:OCFC) Announces Earnings Results

OceanFirst Financial (NASDAQ:OCFC) issued its earnings results on Thursday. The savings and loans company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.01, Zacks reports. OceanFirst Financial had a return on equity of 5.35% and a net margin of 10.04%.

OceanFirst Financial Stock Down 0.5%

OceanFirst Financial stock traded down $0.09 during mid-day trading on Thursday, reaching $19.64. 841,723 shares of the company were exchanged, compared to its average volume of 828,883. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $1.13 billion, a P/E ratio of 16.79 and a beta of 0.98. The business has a fifty day moving average of $18.89 and a 200 day moving average of $18.70. OceanFirst Financial has a 12-month low of $16.09 and a 12-month high of $20.61.

Analyst Ratings Changes

OCFC has been the topic of several research reports. Piper Sandler set a $19.00 price target on OceanFirst Financial and gave the company a “neutral” rating in a research note on Friday, June 12th. Weiss Ratings raised shares of OceanFirst Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, June 29th. Finally, DA Davidson raised their target price 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. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $21.00.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co lifted its stake in shares of OceanFirst Financial by 7.0% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 10,285 shares of the savings and loans company’s stock worth $181,000 after purchasing an additional 673 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in OceanFirst Financial by 4.5% in the second quarter. The Manufacturers Life Insurance Company now owns 20,548 shares of the savings and loans company’s stock valued at $362,000 after purchasing an additional 885 shares during the last quarter. ExodusPoint Capital Management LP raised its holdings in OceanFirst Financial by 2.2% in the fourth quarter. ExodusPoint Capital Management LP now owns 54,570 shares of the savings and loans company’s stock worth $980,000 after purchasing an additional 1,192 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in OceanFirst Financial by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,193 shares of the savings and loans company’s stock worth $582,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of OceanFirst Financial by 1.4% during the third quarter. Swiss National Bank now owns 113,133 shares of the savings and loans company’s stock valued at $1,988,000 after buying an additional 1,600 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

OceanFirst Financial Company Profile

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.