OceanFirst's Q2 adjusted EPS misses estimates

OceanFirst Financial

24/07/2025 21:51

Corrects EPS amount in Key Details table

Overview

OceanFirst Q2 net income declines to $16.2 mln from $23.4 mln yr/yr

Adjusted EPS for Q2 misses analyst expectations, per LSEG data

Company's commercial loan pipeline reaches record high of $790.8 mln

Outlook

Company anticipates new deposit relationship opportunities

OceanFirst aims to build on commercial banking momentum

Result Drivers

LOAN GROWTH - Total loans increased by $59.8 mln, driven by $131.7 mln growth in commercial and industrial loans

DEPOSIT INCREASE - Premier Banking service launched, attracting $115 mln in new deposits

CAPITAL MANAGEMENT - Repurchased 1,003,550 shares and redeemed preferred stock, impacting book value per share

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EPS
Miss
$0.31
$0.34 (6 Analysts)
Q2 EPS
$0.28
Q2 Net Income
$16.20 mln
Q2 Net Interest Income
$87.60 mln
Q2 Net Interest Margin
2.9%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for OceanFirst Financial Corp is $20.00, about 8.8% above its July 23 closing price of $18.24

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nGNX5rdZ0h

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)