OceanFirst Financial Corp operates as the bank holding company for OceanFirst Bank N.
OceanFirst Financial is a small cap stock with a total market cap of 1.37B.
They trade on the NASDAQ and had their IPO 3 years and 1 month
OceanFirst Financial currently employs 915 people.
News Relating to $OCFCP
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Is It Smart To Buy OceanFirst Financial Corp. (NASDAQ:OCFC) Before It Goes Ex-Dividend?
Monday Jul 27 2020 at 13:53
Readers hoping to buy OceanFirst Financial Corp. (NASDAQ:OCFC) for its dividend will need to make their move shortly…
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Dividend Challenger Highlights: Week Of July 26
Saturday Jul 25 2020 at 15:24
A weekly summary of dividend activity for Dividend Challengers. Companies which changed their dividends.
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OceanFirst Financial Corp (OCFC) Q2 2020 Earnings Call Transcript
Saturday Jul 25 2020 at 01:00
OCFC earnings call for the period ending June 30, 2020.
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OceanFirst Financial Corp. Declares Quarterly Cash Dividend for Series A Preferred Stock
Friday Jul 24 2020 at 21:15
RED BANK, N.J., July 24, 2020 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), announced that its Board of Directors has declared a quarterly cash dividend of 0.4764 per share for every depository share, representing 1/40th interest in the Series A Preferred Stock, payable on August 17, 2020 to stockholders of record on July 31, 2020.OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $11.3 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.OceanFirst Financial Corp.’s press releases are available by visiting us at http://www.oceanfirst.com.Company Contact:Michael J. Fitzpatrick Chief Financial Officer OceanFirst Financial Corp. Tel: (732) 240-4500, ext. 7506 Email: Mfitzpatrick@oceanfirst.com
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OceanFirst Financial Corp. (OCFC) CEO Christopher Maher on Q2 2020 Results – Earnings Call Transcript
Friday Jul 24 2020 at 19:40
OceanFirst Financial Corp. (NASDAQ:OCFC) Q2 2020 Earnings Conference Call July 24, 2020, 11:00 AM ET Company Participants Jill Hewitt – SVP and IR Officer Christopher Maher – Chairman and CEO Joe Lebel – COO Grace Vallacchi – Chief Risk Officer Mike Fitzpatrick – CFO Conference Call Participants Frank Schiraldi – Piper Sandler Russell Gunther – D.A.
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OceanFirst Financial Corp. 2020 Q2 – Results – Earnings Call Presentation
Friday Jul 24 2020 at 13:42
The following slide deck was published by OceanFirst Financial Corp. in conjunction with their 2020 Q2 earnings call..
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OceanFirst Financial (OCFC) Beats Q2 Earnings and Revenue Estimates
Thursday Jul 23 2020 at 22:35
OceanFirst (OCFC) delivered earnings and revenue surprises of 5.88% and 0.55%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
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OceanFirst Financial Corp. Announces Second Quarter Earnings and Financial Results
Thursday Jul 23 2020 at 21:15
RED BANK, N.J., July 23, 2020 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income was $18.6 million, or $0.31 per diluted share, for the three months ended June 30, 2020, as compared to $19.0 million, or $0.37 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2020, net income was $35.2 million, or $0.58 per diluted share, as compared to $40.2 million, or $0.79 per diluted share, for the corresponding prior year period. The results of operations for the three months ended June 30, 2020 include merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $3.0 million. Results of operations for the six months ended June 30, 2020 include merger related expenses, branch consolidation expenses, and the Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) opening credit loss expense under the Current Expected Credit Loss (“CECL”) model, which decreased net income, net of tax benefit, by $13.4 million. Excluding these items, core earnings for the three and six months ended June 30, 2020 were $21.6 million, or $0.36 per diluted share, and $48.6 million, or $0.81 per diluted share, respectively. (Please refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of merger related, branch consolidation, and the Two River and Country Bank opening credit loss expenses). The quarter and year to date results were also impacted by the COVID-19 outbreak, through both higher credit loss expense and increased operating expense. Highlights for the quarter are described below: * Loans & Deposits: Drove record loan and deposit growth, including quarterly originations of $975 million, which included $504 million of Paycheck Protection Program (“PPP”) loans and total loan growth of $450 million after loan sales of $110 million. Deposits increased by $1.076 billion, driven by deposits from PPP borrowers of $504 million, ordinary course growth of $291 million, and short-term brokered deposits of $281 million. * Capital: Bolstered a strong balance sheet with the addition of $181 million of subordinated notes and non-cumulative perpetual preferred stock. The increased capital further strengthened resources available to the Bank while credit metrics, including delinquencies, forbearances, and net charge-offs all evidenced significant positive trends. * Operating Expenses: Improved operating leverage with the consolidation of thirteen branch locations, eight of which were driven by the completed integration of the Two River acquisition bringing the total number of branches consolidated over the past four years to 53. These consolidations increased the average branch size to $145 million and will help reduce operating expenses beginning in the third quarter. * COVID-19: The Company’s second quarter results were adversely impacted by the COVID-19 pandemic, including an elevated credit loss provision of $9.6 million and an additional $1.1 million in operating expense.Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “The second quarter results included strong loan and deposit growth as we continued to serve our communities at a very difficult time. We facilitated $504 million in PPP loans, assisting local businesses and supporting 57,000 jobs.” Mr. Maher added, “The continuing national health crisis may weigh on results in future quarters, but we are exceptionally proud of our customers in New Jersey, New York, and Pennsylvania, who have worked with public health experts to bring the local epidemic under control and to begin a responsible and sustainable restart of our regional economy. The second quarter capital raise and the integration of the Two River acquisition have placed our Company in an advantageous position to face the future.” The Company announced that the Company’s Board of Directors declared its ninety-fourth consecutive quarterly cash dividend on common stock. The dividend, related to the three months ended June 30, 2020, of $0.17 per share will be paid on August 14, 2020 to stockholders of record on August 3, 2020.Results of Operations On January 31, 2019, the Company completed its acquisition of Capital Bank of New Jersey (“Capital Bank”) and its results of operations are included in the consolidated results for the three and six months ended June 30, 2020, but are excluded from the results of operations for the period from January 1, 2019 to January 31, 2019. On January 1, 2020, the Company completed its acquisitions of Two River and Country Bank and their respective results of operations from January 1, 2020 through June 30, 2020 are included in the consolidated results for the three and six months ended June 30, 2020, but are not included in the results of operations for the corresponding prior year periods. Net income for the three months ended June 30, 2020 was $18.6 million, or $0.31 per diluted share, as compared to $19.0 million, or $0.37 per diluted share, for the corresponding prior year period. Net income for the six months ended June 30, 2020 was $35.2 million, or $0.58 per diluted share, as compared to $40.2 million, or $0.79 per diluted share, for the corresponding prior year period. Net income for the three months ended June 30, 2020 included merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $3.0 million. Net income for the six months ended June 30, 2020 included merger related expenses, branch consolidation expenses, and the Two River and Country Bank opening credit loss expense under the CECL model, which decreased net income, net of tax benefit, by $13.4 million. Net income for the three and six months ended June 30, 2019 included merger related expenses, branch consolidation expenses, and compensation expense due to the retirement of an executive officer, which decreased net income, net of tax benefit, by $7.0 million and $11.4 million, respectively. Excluding these items, net income for the three and six months ended June 30, 2020 was $21.6 million and $48.6 million, respectively, a decrease from $26.0 million and $51.6 million for the same prior year periods, respectively, primarily due to the adverse impact of the COVID-19 outbreak. Net interest income for the three and six months ended June 30, 2020 increased to $78.7 million, and $158.3 million, as compared to $64.8 million and $129.2 million for the same prior year periods, respectively, reflecting an increase in interest-earning assets, partly offset by a reduction in net interest margin. Average interest-earning assets increased by $2.684 billion and $2.435 billion for the three and six months ended June 30, 2020, respectively, as compared to the same prior year periods. The averages for the three and six months ended June 30, 2020 were favorably impacted by $1.815 billion and $1.793 billion, respectively, of interest-earning assets acquired from Two River and Country Bank and $373.7 million and $186.8 million, respectively, of PPP loans. Average loans receivable, net, increased by $2.347 billion and $2.215 billion for the three and six months ended June 30, 2020, respectively, as compared to the same prior year periods. The increases attributable to the acquisitions of Two River and Country Bank for the three and six months ended June 30, 2020 were $1.606 billion and $1.581 billion, respectively. The net interest margin for the three and six months ended June 30, 2020 decreased to 3.24% and 3.37%, respectively, from 3.66% and 3.72%, respectively, for the same prior year periods. The compression in net interest margin is primarily due to the lower interest rate environment, the origination of low-yielding PPP loans, and the excess balance sheet liquidity which the Company strategically accumulated entering the economic downturn. For the three months ended June 30, 2020, the cost of average interest-bearing liabilities decreased to 0.92% from 0.98% in the corresponding prior year period. For the six months ended June 30, 2020, the cost of average interest-bearing liabilities increased to 0.98% from 0.94%, in the corresponding prior year period. The total cost of deposits (including non-interest bearing deposits) was 0.57% and 0.63% for the three and six months ended June 30, 2020, respectively, as compared to 0.62% and 0.60%, respectively, in the same prior year periods. Net interest income for the three months ended June 30, 2020, decreased by $1.0 million, as compared to the prior linked quarter, as the net interest margin decreased to 3.24% as compared to 3.52% for the prior linked quarter. The yield on average interest-earning assets decreased to 3.94% from 4.34% in the prior linked quarter, primarily due to the lower interest rate environment, the origination of low-yielding PPP loans, and the excess balance sheet liquidity which the Company strategically accumulated entering the economic downturn. The total cost of deposits (including non-interest bearing deposits) was 0.57% for the three months ended June 30, 2020, as compared to 0.70% for the three months ended March 31, 2020. The decrease in total cost of deposits is primarily due to the repricing of deposits acquired from Two River and Country Bank and the growth in business deposits relating to PPP originations. For the three and six months ended June 30, 2020, the credit loss expense was $9.6 million and $19.6 million, respectively, as compared to $356,000 and $976,000, respectively, for the corresponding prior year periods, and $10.0 million in the prior linked quarter.
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OceanFirst Financial (OCFC) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
Thursday Jul 16 2020 at 16:31
OceanFirst (OCFC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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Fixed-To-Floating Preferred Stocks And Units Complete Review
Wednesday Jul 15 2020 at 12:54
Fixed-to-floating preferred stocks and units sorted into groups. How does the yield curve look? What has changed in the past month?.
Insider Trading
(Original Source: SEC.GOV)
Insider trading is when individuals employed by a company buy or sell its securities following legal procedures and regulations. Company executives, directors, and employees may be permitted to buy or sell shares if they follow specific rules, such as filing a Form 4 with the SEC within two business days.
Over the last 3 months, 4 insiders have bought $198.39K and 1 insider has sold $175.32K of common stock on the stock market. This represents a net trade value of $23.06K bought.
Debt & Income Analysis
(Original Source: SEC.GOV)
Income quality measures a company’s operating cash flow to net income ratio. It helps investors and analysts assess the sustainability of a company’s earnings. A high QIR indicates strong cash flows, while a low QIR may indicate non-operating activities driving net income.
$OCFCP’s Income Quality of 1.46 is greater than its Industry Group of 1.3 (12.3% greater)
$OCFCP’s Income Quality of 1.46 is in line with its Major Industry Group of 1.34 (9.0% greater)
$OCFCP’s Income Quality of 1.46 is greater than its Sector of 1.16 (25.9% greater)
Data is unavailable for Current Ratio
Value Analysis
(Original Source: SEC.GOV)
PE ratio (price-to-earnings), measures a company’s stock price relative to its earnings per share. It helps investors evaluate whether its stock is overvalued or undervalued. A higher PE ratio indicates that investors are willing to pay more for a company’s earnings, while a lower PE ratio (above zero) suggests the company could be undervalued.
$OCFCP’s PE Ratio of 9.22 is in line with its Industry Group of 9.22
$OCFCP’s PE Ratio of 9.22 is greater than its Major Industry Group of 7.63 (20.8% greater)
$OCFCP’s PE Ratio of 9.22 is greater than its Sector of 8.33 (10.7% greater)
(Original Source: SEC.GOV)
The PB ratio (price-to-book), measures a company’s stock price relative to its book value (net value of a company’s assets reported on its balance sheet, after subtracting debt) per share. It is used to evaluate a company’s valuation, with a lower PB ratio (above zero) indicating a lower valuation and a higher PB ratio suggesting overvaluation.
$OCFCP’s PB Ratio of 0.3 is lower than its Industry Group of 0.6 (-50.0% lower)
$OCFCP’s PB Ratio of 0.3 is lower than its Major Industry Group of 0.74 (-59.5% lower)
$OCFCP’s PB Ratio of 0.3 is lower than its Sector of 0.89 (-66.3% lower)
Efficiency Analysis
(Original Source: SEC.GOV)
ROE (Return on Equity), is a financial ratio that measures a company’s profitability relative to its shareholders’ equity (the amount of value in a company that belongs to the people who own shares). It indicates how efficiently a company generates profits per unit of equity invested. A high ROE suggests effective use of equity, while a low ROE indicates inefficiency.
$OCFCP’s ROE of 0.03 is in line with its Industry Group of 0.03
$OCFCP’s ROE of 0.03 is lower than its Major Industry Group of 0.1 (-70.0% lower)
$OCFCP’s ROE of 0.03 is lower than its Sector of 0.07 (-57.1% lower)
(Original Source: SEC.GOV)
ROCE (Return on Capital Employed), is a financial ratio that measures a company’s profitability relative to the amount of capital invested in its operations. It indicates how well a company is generating profits from its capital investments. A high ROCE suggests effective use of capital, while a low ROCE indicates inefficiency.
$OCFCP’s ROCE of 0.01 is lower than its Industry Group of 0.02 (-50.0% lower)
$OCFCP’s ROCE of 0.01 is lower than its Major Industry Group of 0.02 (-50.0% lower)
$OCFCP’s ROCE of 0.01 is lower than its Sector of 0.02 (-50.0% lower)