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.
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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