OceanFirst Financial Corp. (NASDAQ:OCFC) announced a quarterly dividend on Tuesday, July 20th, Zacks reports. Shareholders of record on Friday, July 30th will be paid a dividend of 0.438 per share by the savings and loans company on Monday, August 16th. This represents a $1.75 annualized dividend and a yield of 8.92%. The ex-dividend date of this dividend is Thursday, July 29th. This is an increase from OceanFirst Financial’s previous quarterly dividend of $0.17.
OceanFirst Financial has raised its dividend by 13.3% over the last three years and has raised its dividend every year for the last 1 years.
OCFC stock traded up $0.38 during trading hours on Thursday, hitting $19.64. 155,286 shares of the stock traded hands, compared to its average volume of 210,005. The firm has a 50-day moving average of $21.22. OceanFirst Financial has a one year low of $13.14 and a one year high of $25.76. The firm has a market capitalization of $1.18 billion, a P/E ratio of 16.18 and a beta of 0.97. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17.
A number of analysts have issued reports on OCFC shares. Seaport Global Securities initiated coverage on OceanFirst Financial in a report on Wednesday, March 24th. They issued a “buy” rating and a $28.00 target price on the stock. Stephens restated an “equal weight” rating and set a $24.00 target price on shares of OceanFirst Financial in a research report on Wednesday, May 12th. Finally, Zacks Investment Research downgraded OceanFirst Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, May 4th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $23.71.
In related news, COO Joseph Lebel III purchased 1,000 shares of OceanFirst Financial stock in a transaction that occurred on Friday, May 7th. The shares were acquired at an average price of $27.82 per share, with a total value of $27,820.00. Following the completion of the transaction, the chief operating officer now directly owns 1,000 shares of the company’s stock, valued at approximately $27,820. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.80% of the stock is currently owned by corporate insiders.
About OceanFirst Financial
OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. The company accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.
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