Company Overview - OceanFirst Financial (OCFC) is anticipated to report a year-over-year earnings increase despite lower revenues for the quarter ended September 2024, with earnings expected at $0.38 per share, reflecting an 18.8% increase from the previous year [1][3] - Revenues are projected to be $92.79 million, which is an 8.8% decline compared to the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for release on October 17, 2024, and could influence stock movement depending on whether the actual results exceed or fall short of expectations [2] - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4] Earnings Surprise Prediction - The Most Accurate Estimate for OceanFirst is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.96%, suggesting a bearish outlook from analysts [10] - The stock currently holds a Zacks Rank of 3 (Hold), complicating predictions of an earnings beat [11] Historical Performance - In the last reported quarter, OceanFirst was expected to post earnings of $0.42 per share but delivered $0.39, resulting in a surprise of -7.14% [12] - Over the past four quarters, the company has beaten consensus EPS estimates twice [13] Industry Context - Citizens Financial Group (CFG), a peer in the Zacks Financial - Savings and Loan industry, is expected to report earnings of $0.79 per share for the same quarter, indicating a year-over-year decline of 7.1% [17] - CFG's revenues are projected at $1.94 billion, down 3.8% from the previous year, with a recent EPS estimate revision of 1.2% lower [18]
OceanFirst Financial (OCFC) Reports Next Week: Wall Street Expects Earnings Growth