OceanFirst Financial Corp. (OCFC) to Issue Quarterly Dividend of $0.20 on November 15th

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Wednesday, October 16th, Zacks reports. Investors 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 annualized dividend and a yield of 4.40%. 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 payout ratio of 49.7% meaning its dividend is sufficiently covered by earnings. Equities research 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

OceanFirst Financial stock opened at $18.20 on Friday. OceanFirst Financial has a 1 year low of $12.41 and a 1 year high of $19.49. The firm’s 50-day moving average is $17.96 and its 200-day moving average is $16.54. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $1.06 billion, a P/E ratio of 10.40 and a beta of 1.01.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OCFC shares. Hovde Group upped their target price on OceanFirst Financial from $19.50 to $21.50 and gave the company an “outperform” rating in a report on Friday, September 20th. Piper Sandler set a $17.00 price objective on OceanFirst Financial and gave the stock a “neutral” rating in a research note on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently 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.