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

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Thursday, October 17th, Zacks reports. Shareholders of record on Monday, November 4th will be given a dividend of 0.20 per share by the savings and loans company on Friday, November 15th. This represents a $0.80 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Monday, November 4th.

OceanFirst Financial has raised its dividend by an average of 5.6% annually 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 Price Performance

Shares of NASDAQ:OCFC opened at $19.10 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.74. The stock has a market cap of $1.12 billion, a PE ratio of 11.51 and a beta of 1.01. The company’s fifty day moving average is $17.61 and its 200 day moving average is $16.34. OceanFirst Financial has a 52 week low of $12.01 and a 52 week high of $19.49.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data 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). The company had revenue of $170.41 million during the quarter, compared to analysts’ expectations of $94.93 million. OceanFirst Financial had a return on equity of 5.85% and a net margin of 14.78%. During the same quarter in the prior year, the firm posted $0.46 EPS. Research analysts anticipate that OceanFirst Financial will post 1.58 earnings per share for the current year.

Analyst Ratings Changes

OCFC has been the topic of a number of analyst reports. Hovde Group lifted their price target on OceanFirst Financial from $19.50 to $21.50 and gave the stock an “outperform” rating in a research note on Friday, September 20th. 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. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, OceanFirst Financial has a consensus rating of “Hold” and a consensus price target of $19.30.

About OceanFirst Financial

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.