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

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

OceanFirst Financial Stock Up 0.8 %

Shares of OCFC stock traded up $0.15 during trading hours on Thursday, reaching $19.15. The company had a trading volume of 327,493 shares, compared to its average volume of 305,109. The company has a market capitalization of $1.12 billion, a P/E ratio of 10.94 and a beta of 1.06. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.00 and a current ratio of 1.01. OceanFirst Financial has a twelve month low of $14.03 and a twelve month high of $21.87. The stock’s fifty day simple moving average is $19.18 and its 200 day simple moving average is $18.24.

Insider Buying and Selling

In other OceanFirst Financial news, Director Joseph M. Jr. Murphy sold 1,500 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $20.03, for a total value of $30,045.00. Following the transaction, the director now owns 177,417 shares in the company, valued at $3,553,662.51. The trade was a 0.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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