OceanFirst Financial Corp reports results for the quarter ended in June - Earnings Summary

OceanFirst Financial

19/07/2024 02:05

* OceanFirst Financial Corp  OCFC.OQ  reported quarterly
adjusted
earnings of 39 cents​​ per share for the quarter ended in June,
lower than the same quarter last year, when the company reported
EPS of 46 cents.  The mean expectation of seven analysts for the
quarter was for earnings of 43 cents per share. Wall Street
expected results to range from 42 cents to 45 cents per share.
    * Revenue fell 10.7% to $82.26 million from a year ago;
analysts
expected $85.46 million. 
    * OceanFirst Financial Corp's reported EPS for the quarter
was 40
cents​.
    * The company reported quarterly net income of $23.37
million.
    * OceanFirst Financial Corp shares had risen by 17.6% this
quarter and gained 7.7% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had risen by
about 0.2%
in the last three months.​ 
    * In the last 30 days, four analysts negatively revised
earnings
estimates

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 3 "strong buy" or "buy," 4
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "buy"

Wall Street's median 12-month price target for OceanFirst
Financial Corp is $18.50 
This summary was machine generated from LSEG data July 19 at
01:05 a.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Jun. 30 2024      0.43           0.39           Missed
 Mar. 31 2024      0.41           0.44           Beat
 Dec. 31 2023      0.43           0.45           Beat
 Sep. 30 2023      0.35           0.32           Missed