OceanFirst (OCFC) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended September 2023, OceanFirst Financial (OCFC) reported revenue of $101.76 million, down 8.4% over the same period last year. EPS came in at $0.32, compared to $0.60 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $101.83 million, representing a surprise of -0.07%. The company delivered an EPS surprise of -13.51%, with the consensus EPS estimate being $0.37.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 63.4% compared to the 61% average estimate based on three analysts.
Net Interest Margin: 2.9% versus 3% estimated by three analysts on average.
Total interest-earning assets - Average Balance: $12.38 billion versus $12.20 billion estimated by two analysts on average.
Total Non-Interest Income: $10.76 million compared to the $9.66 million average estimate based on three analysts.
Net Interest Income: $91 million versus the three-analyst average estimate of $92.16 million.
Bankcard services revenue: $1.51 million versus $1.78 million estimated by two analysts on average.
Fees and service charges: $5.18 million versus $5.66 million estimated by two analysts on average.
Trust and asset management revenue: $0.66 million versus $0.83 million estimated by two analysts on average.
Income from bank owned life insurance: $1.39 million compared to the $1.10 million average estimate based on two analysts.
View all Key Company Metrics for OceanFirst here>>>
Shares of OceanFirst have returned -6.1% over the past month versus the Zacks S&P 500 composite's -3% 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 Financial Corp. (OCFC) : Free Stock Analysis Report
