OceanFirst Financial Corp. (NASDAQ: OCFC) stock jumped 7.84% on Friday to $22.42 against a previous-day closing price of $20.79. With 0.72 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.24 million shares. During the session, the Banks – Regional company that operates in wider Financial sector, reached to the highest price of $22.77 whereas the lowest price it dropped to was $21.52. The 52-week range on OCFC shows that it touched its highest point at $24.02 and its lowest point at $18.24 during that stretch. It currently has a 1-year price target of $26.50. With its current market cap of 1.23 billion, OCFC has annualized dividend of $0.80 while the current yield stands at 3.57%. Beta for the stock currently stands at 0.88.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OCFC was up-trending over the past week, with a rise of 1.72%, but this was up by 6.61% over a month. Three-month performance surged to 6.46% while six-month performance rose 12.38%. The stock lost -3.15% in the past year, while it has gained 5.51% so far this year. A look at the trailing 12-month EPS for OCFC yields 1.90 with Next year EPS estimates of 2.81. For the next quarter, that number is 0.63. This implies an EPS growth rate of 74.50% for this year and 6.20% for next year. EPS is expected to grow by 10.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 12.70%.
Float and Shares Shorts:
At present, 58.68 million OCFC shares are outstanding with a float of 57.44 million shares on hand for trading. On Oct 13, 2022, short shares totaled 1.24 million, which was 2.09% higher than short shares on Sep 14, 2022. In addition to Mr. Christopher D. Maher as the firm’s Chairman & CEO, Mr. Joseph J. Lebel III serves as its Pres, COO & Director.
Through their ownership of 73.05% of OCFC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 42.09% of OCFC, in contrast to 28.71% held by mutual funds. Shares owned by individuals account for 11.15%. As the largest shareholder in OCFC with 7.72% of the stake, BlackRock Fund Advisors holds 4,563,285 shares worth 4,563,285. A second-largest stockholder of OCFC, Dimensional Fund Advisors LP, holds 3,319,008 shares, controlling over 5.61% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in OCFC, holding 2,903,162 shares or 4.91% stake. With a 3.01% stake in OCFC, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 1,777,794 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.28% of OCFC stock, is the second-largest Mutual Fund holder. It holds 1,346,550 shares valued at 28.61 million. BlackRock Advantage Small Cap Cor holds 1.48% of the stake in OCFC, owning 875,100 shares worth 18.6 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OCFC since 7 analysts follow the stock currently. There are 4 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 3 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With OCFC analysts setting a high price target of $29.00 and a low target of $24.00, the average target price over the next 12 months is $26.67. Based on these targets, OCFC could surge 29.35% to reach the target high and rise by 7.05% to reach the target low. Reaching the average price target will result in a growth of 18.96% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. OCFC will report FY 2023 earnings on 01/25/2024. Analysts have provided yearly estimates in a range of $2.85 being high and $2.53 being low. For OCFC, this leads to a yearly average estimate of $2.69. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. OceanFirst Financial Corp. surprised analysts by $0.05 when it reported $0.67 EPS against a consensus estimate of $0.62. The surprise factor in the prior quarter was -$0.00. Based on analyst estimates, the high estimate for the next quarter is $0.68 and the low estimate is $0.58. The average estimate for the next quarter is thus $0.65.
Dividends & Yield:
In terms of dividends, OCFC has a current ratio of $0.8, which is $0.8 over the trailing 12-months, while a dividend of $0.66 is likely to be paid on average over the next five years. Dividend yield is another indicator that appeals to many investors, and OCFC currently yields $3.3. In the past year, OCFC’s dividend yield has been $3.3, but when looking at the stock over the past five years, its yield has been $3.12. Accordingly, OCFC has a current buyback yield of $0.97. This was $0.97 for the TTM.
Summary of Insider Activity:
Insiders traded OCFC stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 27 while that of sell transactions has risen to 18 over the past year. The total number of shares bought during that period was 227,691 while 147,981 shares were sold.