OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Thursday, July 25th, Fidelity reports. Stockholders of record on Monday, August 5th will be paid a dividend of 0.17 per share by the savings and loans company on Friday, August 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Friday, August 2nd. This is a boost from OceanFirst Financial’s previous quarterly dividend of $0.13.
OceanFirst Financial has increased its dividend by an average of 6.0% per year over the last three years and has increased its dividend every year for the last 5 years. OceanFirst Financial has a payout ratio of 33.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect OceanFirst Financial to earn $2.14 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 31.8%.
OceanFirst Financial stock opened at $20.92 on Friday. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.06 and a beta of 0.73. The business’s 50 day simple moving average is $24.38 and its 200 day simple moving average is $24.61. OceanFirst Financial has a 12 month low of $20.74 and a 12 month high of $29.71. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.50.
Several research firms have recently weighed in on OCFC. Raymond James decreased their price target on shares of OceanFirst Financial from $27.00 to $25.00 and set an “outperform” rating on the stock in a report on Monday. Zacks Investment Research cut shares of OceanFirst Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Sandler O’Neill cut shares of OceanFirst Financial from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Boenning Scattergood reaffirmed a “hold” rating on shares of OceanFirst Financial in a report on Monday, April 29th. Finally, Keefe, Bruyette & Woods cut OceanFirst Financial from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $29.00 to $26.50 in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $25.60.
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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