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OceanFirst (OCFC) Reports Q2 Earnings: What Key Metrics Have to Say
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OceanFirst Financial (OCFC - Free Report) reported $93.25 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 7.7%. EPS of $0.39 for the same period compares to $0.46 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $94.93 million, representing a surprise of -1.78%. The company delivered an EPS surprise of -7.14%, with the consensus EPS estimate being $0.42.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how OceanFirst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 62.9% versus 62% estimated by three analysts on average.
Net Interest Margin: 2.7% versus 2.8% estimated by three analysts on average.
Average Balance - Total interest-earning assets: $12.20 billion versus the two-analyst average estimate of $12.32 billion.
Total Non-Interest Income: $10.99 million versus $9.39 million estimated by three analysts on average.
Net Interest Income: $82.26 million compared to the $85.22 million average estimate based on three analysts.
Bankcard services revenue: $1.57 million versus the two-analyst average estimate of $1.22 million.
Fees and service charges: $5.02 million versus $4.74 million estimated by two analysts on average.
Trust and asset management revenue: $0.42 million versus the two-analyst average estimate of $0.75 million.
Income from bank owned life insurance: $1.73 million compared to the $1.77 million average estimate based on two analysts.
Shares of OceanFirst have returned +26% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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OceanFirst (OCFC) Reports Q2 Earnings: What Key Metrics Have to Say
OceanFirst Financial (OCFC - Free Report) reported $93.25 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 7.7%. EPS of $0.39 for the same period compares to $0.46 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $94.93 million, representing a surprise of -1.78%. The company delivered an EPS surprise of -7.14%, with the consensus EPS estimate being $0.42.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how OceanFirst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 62.9% versus 62% estimated by three analysts on average.
- Net Interest Margin: 2.7% versus 2.8% estimated by three analysts on average.
- Average Balance - Total interest-earning assets: $12.20 billion versus the two-analyst average estimate of $12.32 billion.
- Total Non-Interest Income: $10.99 million versus $9.39 million estimated by three analysts on average.
- Net Interest Income: $82.26 million compared to the $85.22 million average estimate based on three analysts.
- Bankcard services revenue: $1.57 million versus the two-analyst average estimate of $1.22 million.
- Fees and service charges: $5.02 million versus $4.74 million estimated by two analysts on average.
- Trust and asset management revenue: $0.42 million versus the two-analyst average estimate of $0.75 million.
- Income from bank owned life insurance: $1.73 million compared to the $1.77 million average estimate based on two analysts.
View all Key Company Metrics for OceanFirst here>>>Shares of OceanFirst have returned +26% over the past month versus the Zacks S&P 500 composite's +2.1% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.