OceanFirst Financial Corp. (NASDAQ: OCFC) declared a quarterly dividend on Saturday, October 30, invest.com reports. Shareholders of record on Monday, November 8 will receive a dividend of 0.17 per share from the savings and loan company on Friday, November 19. This represents an annualized dividend of $ 0.68 and a dividend yield of 3.07%. The ex-dividend date is Friday, November 5.
OceanFirst Financial has increased its dividend by 13.3% over the past three years and has increased its dividend every year for the past 1 years. OceanFirst Financial has a payout ratio of 38.6%, which means its dividend is sufficiently covered by earnings. Analysts expect OceanFirst Financial to earn $ 1.96 per share next year, which means the company should continue to be able to cover its annual dividend of $ 0.68 with a payout rate. expected future of 34.7%.
NASDAQ OCFC opened for $ 22.17 on Friday. OceanFirst Financial has a 52 week low of $ 14.06 and a 52 week high of $ 25.76. The stock has a market cap of $ 1.33 billion, a price-to-earnings ratio of 15.19 and a beta of 0.98. The company has a debt ratio of 0.17, a quick ratio of 0.93, and a current ratio of 0.93. The stock’s 50-day moving average price is $ 21.19 and its two-hundred-day moving average price is $ 21.45.
OceanFirst Financial (NASDAQ: OCFC) last announced its quarterly earnings data on Thursday, October 28. The savings and loan company reported earnings per share (EPS) of $ 0.45 for the quarter, beating analyst consensus estimates of $ 0.41 by $ 0.04. OceanFirst Financial recorded a return on equity of 5.50% and a net margin of 20.86%. On average, equity research analysts forecast OceanFirst Financial to post 1.77 EPS for the current year.
In other OceanFirst Financial news, the director Nicos Katsoulis acquired 2,000 shares of the company in a transaction on Tuesday August 3. The stock was purchased at an average price of $ 19.07 per share, for a total value of $ 38,140.00. The transaction has been disclosed in a legal file with the SEC, which can be accessed through the SEC website. Insiders own 3.80% of the shares of the company.
A hedge fund recently increased its stake in OceanFirst Financial stock. Morgan Stanley increased its stake in OceanFirst Financial Corp. (NASDAQ: OCFC) 139.9% in the second quarter, according to its latest 13F filing with the Securities & Exchange Commission. The company held 213,213 shares of the savings and loan company after purchasing an additional 124,338 shares during the period. Morgan Stanley owned approximately 0.36% of OceanFirst Financial for a value of $ 4,442,000 at the end of the most recent quarter. 68.23% of the shares are held by institutional investors and hedge funds.
OCFC has been the subject of a number of analyst reports. Piper Sandler upgraded OceanFirst Financial from a “neutral” to an “overweight” rating and raised its price target for the stock from $ 23.00 to $ 24.00 in a research note on Friday August 6. Stephens downgraded OceanFirst Financial shares from ‘on par’ to ‘overweight’ and lowered his price target for the company from $ 24.00 to $ 23.50 in research report published Wednesday August 4. Finally, Keefe, Bruyette & Woods reaffirmed an â€œoutperformanceâ€ rating and set a target price of $ 26.00 on OceanFirst Financial shares in a report released on Friday, July 30. One equity research analyst rated the stock with a conservation rating, six gave the stock a buy rating, and one gave the stock a high buy rating. Based on data from MarketBeat, the stock currently has an average rating of â€œBuyâ€ and a consensus price target of $ 24.81.
About OceanFirst Financial
OceanFirst Financial Corp. operates as a savings and loan holding company, which provides financial services. Its subsidiary OceanFirst Bank offers commercial and residential financing solutions, wealth management and deposit services. It has retail branches throughout the state and in the New York metropolis, as well as loan production offices in New Jersey, New York and Pennsylvania.
Read more: Index funds
This instant news alert was powered by narrative science technology and MarketBeat financial data to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [emailÂ protected]
Should you invest $ 1,000 in OceanFirst Financial now?
Before you consider OceanFirst Financial, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat identified the five stocks that top analysts quietly whisper to their clients to buy now before the broader market takes hold of … and OceanFirst Financial was not on the list.
Although OceanFirst Financial currently has a â€œBuyâ€ rating among analysts, top-rated analysts believe these five stocks are better bids.
See the 5 actions here