OceanFirst Financial Corp. (OCFC) to Issue Quarterly Dividend of $0.20 on May 17th

OceanFirst Financial Corp. (NASDAQ:OCFC) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Stockholders of record on Monday, May 6th will be given a dividend of 0.20 per share by the savings and loans company on Friday, May 17th. This represents a $0.80 annualized dividend and a dividend yield of 5.42%. The ex-dividend date is Friday, May 3rd.

OceanFirst Financial has increased its dividend by an average of 5.6% annually over the last three years. OceanFirst Financial has a dividend payout ratio of 38.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect OceanFirst Financial to earn $1.97 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 40.6%.

OceanFirst Financial Stock Down 1.5 %

OCFC opened at $14.76 on Wednesday. OceanFirst Financial has a 12 month low of $12.01 and a 12 month high of $19.58. The stock has a market capitalization of $878.66 million, a P/E ratio of 8.63 and a beta of 1.00. The business has a 50 day simple moving average of $15.28 and a 200-day simple moving average of $15.44. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.98 and a quick ratio of 0.98.

Analysts Set New Price Targets

OCFC has been the subject of several research analyst reports. Raymond James dropped their price objective on OceanFirst Financial from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday, April 22nd. Stephens restated an “equal weight” rating and issued a $20.00 target price on shares of OceanFirst Financial in a report on Friday, April 19th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $19.00 target price (down from $22.00) on shares of OceanFirst Financial in a report on Monday, April 22nd. StockNews.com upgraded shares of OceanFirst Financial from a “sell” rating to a “hold” rating in a report on Monday, April 22nd. Finally, TheStreet upgraded shares of OceanFirst Financial from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.20.

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.