OceanFirst Financial Corp. Declares Quarterly Dividend of $0.20 (NASDAQ:OCFC)

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Wednesday, October 16th, Zacks reports. Stockholders of record on Monday, November 4th will be paid a dividend of 0.20 per share by the savings and loans company on Friday, November 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Monday, November 4th.

OceanFirst Financial has raised its dividend payment by an average of 5.6% annually over the last three years. OceanFirst Financial has a dividend payout ratio of 49.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect OceanFirst Financial to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 49.1%.

OceanFirst Financial Stock Performance

OCFC opened at $18.20 on Friday. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 10.40 and a beta of 1.01. The company’s fifty day moving average price is $17.96 and its two-hundred day moving average price is $16.55. OceanFirst Financial has a 1-year low of $12.41 and a 1-year high of $19.49. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OCFC. Piper Sandler set a $17.00 price target on shares of OceanFirst Financial and gave the company a “neutral” rating in a research report on Friday, October 18th. Hovde Group lifted their target price on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a research report on Friday, September 20th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, OceanFirst Financial has an average rating of “Hold” and an average target price of $19.30.

OceanFirst Financial Company Profile

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