OceanFirst Financial Corp. (OCFC) to Issue Quarterly Dividend of $0.17 on August 14th

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Thursday, July 23rd, Fidelity reports. Shareholders of record on Monday, August 3rd will be given a dividend of 0.17 per share by the savings and loans company on Friday, August 14th. This represents a $0.68 annualized dividend and a yield of 4.21%. The ex-dividend date is Friday, July 31st. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.13.

OceanFirst Financial has raised its dividend payment by an average of 25.9% per year over the last three years and has increased its dividend every year for the last 6 years. OceanFirst Financial has a payout ratio of 40.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect OceanFirst Financial to earn $1.71 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 39.8%.

Shares of NASDAQ:OCFC traded up $0.02 during trading on Wednesday, reaching $16.14. The stock had a trading volume of 2,549 shares, compared to its average volume of 206,702. OceanFirst Financial has a 52 week low of $11.60 and a 52 week high of $25.61. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $16.66 and its 200 day moving average is $18.15. The stock has a market cap of $965.61 million, a price-to-earnings ratio of 10.34 and a beta of 1.00.

OceanFirst Financial (NASDAQ:OCFC) last issued its quarterly earnings results on Thursday, July 23rd. The savings and loans company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.02. The firm had revenue of $90.10 million during the quarter, compared to the consensus estimate of $89.60 million. OceanFirst Financial had a return on equity of 8.24% and a net margin of 21.11%. On average, research analysts forecast that OceanFirst Financial will post 1.63 earnings per share for the current fiscal year.

In other OceanFirst Financial news, VP Steven James Tsimbinos acquired 2,600 shares of the company’s stock in a transaction on Friday, May 15th. The shares were acquired at an average cost of $17.91 per share, with a total value of $46,566.00. Following the completion of the acquisition, the vice president now directly owns 1,000 shares in the company, valued at $17,910. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.80% of the company’s stock.

Several analysts have recently commented on the stock. BidaskClub downgraded shares of OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods raised shares of OceanFirst Financial from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Wednesday, April 1st. ValuEngine cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, April 7th. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Thursday, April 9th. Finally, Stephens upgraded shares of OceanFirst Financial from an “equal weight” rating to an “overweight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $24.00.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

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Dividend History for OceanFirst Financial (NASDAQ:OCFC)

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