OceanFirst Financial Corp. (NASDAQ:OCFC) Announces Dividend Increase – $0.44 Per Share

OceanFirst Financial Corp. (NASDAQ:OCFC) announced a quarterly dividend on Tuesday, July 20th, Zacks reports. Investors of record on Friday, July 30th will be given a dividend of 0.438 per share by the savings and loans company on Monday, August 16th. This represents a $1.75 annualized dividend and a yield of 8.92%. The ex-dividend date is Thursday, July 29th. This is a positive change from OceanFirst Financial’s previous quarterly dividend of $0.17.

OceanFirst Financial has increased its dividend by 13.3% over the last three years and has increased its dividend annually for the last 1 consecutive years.

NASDAQ:OCFC traded up $0.38 during trading hours on Thursday, reaching $19.64. 155,286 shares of the company were exchanged, compared to its average volume of 210,005. The firm has a market capitalization of $1.18 billion, a P/E ratio of 16.18 and a beta of 0.97. OceanFirst Financial has a 1-year low of $13.14 and a 1-year high of $25.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a 50 day moving average of $21.22.

OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, April 29th. The savings and loans company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. OceanFirst Financial had a return on equity of 4.93% and a net margin of 17.65%. The firm had revenue of $94.44 million during the quarter, compared to analysts’ expectations of $87.50 million. On average, equities research analysts forecast that OceanFirst Financial will post 1.72 EPS for the current year.

A number of equities analysts have issued reports on OCFC shares. Stephens reiterated an “equal weight” rating and set a $24.00 price target on shares of OceanFirst Financial in a research note on Wednesday, May 12th. Seaport Global Securities assumed coverage on shares of OceanFirst Financial in a research report on Wednesday, March 24th. They set a “buy” rating and a $28.00 price target for the company. Finally, Zacks Investment Research lowered shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, May 4th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. OceanFirst Financial currently has a consensus rating of “Buy” and an average target price of $23.71.

In other news, COO Joseph Lebel III acquired 1,000 shares of the firm’s stock in a transaction dated Friday, May 7th. The shares were purchased at an average cost of $27.82 per share, for a total transaction of $27,820.00. Following the transaction, the chief operating officer now directly owns 1,000 shares of the company’s stock, valued at $27,820. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.80% of the stock is owned by company insiders.

OceanFirst Financial Company Profile

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. The company accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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Dividend History for OceanFirst Financial (NASDAQ:OCFC)

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