Regional bank OceanFirst Financial (NASDAQ: OCFC) will be reporting results this Tuesday after market close. Here’s what to look for.
OceanFirst Financial missed analysts’ revenue expectations last quarter, reporting revenues of $131.7 million, up 33.2% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ net interest income and tangible book value per share estimates.
Is OceanFirst Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting OceanFirst Financial’s revenue to grow 73.4% year on year, improving from the 9.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. OceanFirst Financial has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at OceanFirst Financial’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Byline Bancorp delivered year-on-year revenue growth of 4.6%, beating analysts’ expectations by 3.7%, and First Citizens BancShares reported flat revenue, topping estimates by 2%. Byline Bancorp traded up 1.1% following the results.
Read our full analysis of Byline Bancorp’s results here and First Citizens BancShares’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. OceanFirst Financial’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $21.42 (compared to the current share price of $16.69).
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