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

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) issued its earnings results on Thursday. The savings and loans company reported $0.38 earnings per share for the quarter, topping 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 Price Performance

OCFC traded up $0.15 during trading on Thursday, reaching $19.15. The stock had a trading volume of 327,493 shares, compared to its average volume of 305,109. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 10.94 and a beta of 1.06. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.79. OceanFirst Financial has a 1-year low of $14.03 and a 1-year high of $21.87. The stock has a 50 day moving average of $19.18 and a two-hundred day moving average of $18.24.

Insiders Place Their Bets

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 transaction of $30,045.00. Following the sale, the director now directly owns 177,417 shares of the company's stock, valued at $3,553,662.51. The trade was a 0.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. DA Davidson reissued a "neutral" rating and issued a $22.00 price objective on shares of OceanFirst Financial 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. Keefe, Bruyette & Woods raised their price objective on OceanFirst Financial from $21.00 to $22.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Finally, Raymond James raised OceanFirst Financial from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, December 19th. Five research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $20.42.

About OceanFirst Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.