OceanFirst Financial Corp reports results for the quarter ended June 30 - Earnings Summary

• OceanFirst Financial Corp OCFC.OQ reported quarterly adjusted earnings of 31 cents​​ per share for the quarter ended June 30, lower than the same quarter last year, when the company reported EPS of 39 cents. The mean expectation of six analysts for the quarter was for earnings of 33 cents per share. Wall Street expected results to range from 31 cents to 35 cents per share.

• Revenue rose 6.5% to $87.64 million from a year ago; analysts expected $91.42 million.

• OceanFirst Financial Corp's reported EPS for the quarter was 28 cents​.

• The company reported quarterly net income of $16.2 million.

• OceanFirst Financial Corp shares had risen by 3.6% this quarter and gained 0.8% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 9.4% in the last three months.​

• In the last 30 days, two 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," 3 "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 $20.00, about 8.8% above its last closing price of $18.24

This summary was machine generated from LSEG data July 24 at 09:42 p.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)