OceanFirst Financial Corp. (NASDAQ:OCFC) Declares Quarterly Dividend of $0.17

Share on StockTwits

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.

OceanFirst Financial (NASDAQ:OCFC) last posted its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.04). The company had revenue of $74.72 million for the quarter, compared to analysts’ expectations of $77.38 million. OceanFirst Financial had a return on equity of 9.53% and a net margin of 27.15%. As a group, equities research analysts forecast that OceanFirst Financial will post 2.06 earnings per share for the current fiscal year.

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.

Further Reading: Insider Trading – What You Need to Know

Dividend History for OceanFirst Financial (NASDAQ:OCFC)

Receive News & Ratings for OceanFirst Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OceanFirst Financial and related companies with MarketBeat.com's FREE daily email newsletter.