OceanFirst Financial (OCFC) Matches Q1 Earnings Estimates

Core Viewpoint - OceanFirst Financial reported quarterly earnings of $0.35 per share, matching the Zacks Consensus Estimate, but down from $0.44 per share a year ago [1] - The company posted revenues of $97.91 million for the quarter, exceeding the Zacks Consensus Estimate by 2.92%, but down from $98.51 million year-over-year [2] Financial Performance - Over the last four quarters, OceanFirst has surpassed consensus EPS estimates two times [2] - The company has also topped consensus revenue estimates two times in the same period [2] - The current consensus EPS estimate for the upcoming quarter is $0.37, with expected revenues of $98.88 million, and for the current fiscal year, the EPS estimate is $1.56 on revenues of $402.62 million [7] Market Position - OceanFirst shares have declined approximately 9.7% since the beginning of the year, compared to a decline of 8.6% for the S&P 500 [3] - The Zacks Industry Rank for Financial - Savings and Loan is in the top 28% of over 250 Zacks industries, indicating a favorable industry outlook [8] Future Outlook - The sustainability of OceanFirst's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The estimate revisions trend for OceanFirst is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6]