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

OceanFirst Financial Corp. (NASDAQ:OCFCGet Free Report) declared a quarterly dividend on Thursday, October 17th, 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 4.19%. The ex-dividend date is Monday, November 4th.

OceanFirst Financial has increased its dividend payment by an average of 5.6% per year over the last three years. OceanFirst Financial has a dividend payout ratio of 47.3% meaning its dividend is sufficiently covered by earnings. Analysts expect OceanFirst Financial to earn $1.67 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 47.9%.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $19.10 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.74. The business’s fifty day simple moving average is $17.61 and its 200-day simple moving average is $16.34. OceanFirst Financial has a 12-month low of $12.01 and a 12-month high of $19.49. The company has a market cap of $1.12 billion, a PE ratio of 11.17 and a beta of 1.01.

OceanFirst Financial (NASDAQ:OCFCGet Free Report) last posted its quarterly earnings results on Thursday, July 18th. The savings and loans company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.03). OceanFirst Financial had a net margin of 14.78% and a return on equity of 5.85%. The business had revenue of $170.41 million during the quarter, compared to analysts’ expectations of $94.93 million. During the same period in the previous year, the company posted $0.46 earnings per share. Analysts expect that OceanFirst Financial will post 1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

View Our Latest Stock Analysis on OCFC

OceanFirst Financial Company Profile

(Get Free Report)

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.

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Dividend History for OceanFirst Financial (NASDAQ:OCFC)

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