OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Thursday, July 23rd, Fidelity reports. Investors of record on Monday, August 3rd will be paid a dividend of 0.17 per share by the savings and loans company on Friday, August 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Friday, July 31st. This is a boost from OceanFirst Financial’s previous quarterly dividend of $0.13.
OceanFirst Financial has increased its dividend payment by an average of 25.9% annually over the last three years and has raised its dividend every year for the last 6 years. OceanFirst Financial has a payout ratio of 40.2% meaning 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%.
OCFC stock traded up $0.03 during midday trading on Wednesday, hitting $16.15. The stock had a trading volume of 3,430 shares, compared to its average volume of 206,702. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50-day moving average of $16.66 and a two-hundred day moving average of $18.15. OceanFirst Financial has a 52-week low of $11.60 and a 52-week high of $25.61. The firm has a market cap of $965.61 million, a price-to-earnings ratio of 10.34 and a beta of 1.00.
A number of analysts have commented on OCFC shares. Zacks Investment Research upgraded OceanFirst Financial from a “sell” rating to a “hold” rating in a research report on Thursday, April 9th. ValuEngine cut OceanFirst Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods upgraded OceanFirst Financial from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research report on Wednesday, April 1st. Stephens upgraded OceanFirst Financial from an “equal weight” rating to an “overweight” rating in a research report on Thursday, April 30th. Finally, BidaskClub cut OceanFirst Financial from a “sell” rating to a “strong sell” rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. OceanFirst Financial currently has a consensus rating of “Hold” and an average price target of $24.00.
In other news, VP Steven James Tsimbinos purchased 2,600 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was bought at an average cost of $17.91 per share, with a total value of $46,566.00. Following the completion of the purchase, the vice president now owns 1,000 shares in the company, valued at $17,910. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is currently owned by corporate insiders.
About OceanFirst Financial
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.
Further Reading: Market Timing
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