OceanFirst Financial Corp. (OCFC) Given News Impact Rating of 0.21
News coverage about OceanFirst Financial Corp. (NASDAQ:OCFC) has been trending somewhat positive recently, Accern Sentiment reports. The research firm identifies positive and negative news coverage by reviewing more than 20 million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores closest to one being the most favorable. OceanFirst Financial Corp. earned a news impact score of 0.21 on Accern’s scale. Accern also assigned media stories about the savings and loans company an impact score of 47.8522298594961 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the next few days.
OCFC has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $32.00 price target on shares of OceanFirst Financial Corp. in a research report on Wednesday, May 3rd. Zacks Investment Research upgraded OceanFirst Financial Corp. from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a research report on Wednesday, May 3rd. Finally, BidaskClub lowered OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th.
Shares of OceanFirst Financial Corp. (OCFC) traded down 0.15% during mid-day trading on Monday, reaching $26.96. 51,155 shares of the company’s stock traded hands. The company’s 50-day moving average price is $27.14 and its 200-day moving average price is $27.90. OceanFirst Financial Corp. has a 12-month low of $18.57 and a 12-month high of $30.70. The stock has a market capitalization of $866.01 million, a PE ratio of 23.30 and a beta of 0.62.
OceanFirst Financial Corp. announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 27th that allows the company to buyback 1,600,000 shares. This buyback authorization allows the savings and loans company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Monday, August 7th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 2.22%. The ex-dividend date is Thursday, August 3rd. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. OceanFirst Financial Corp.’s dividend payout ratio is currently 51.72%.
In related news, CAO Joseph R. Iantosca sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $27.96, for a total transaction of $55,920.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Joseph Lebel III sold 20,050 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $26.54, for a total transaction of $532,127.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,175 shares of company stock valued at $1,330,116. 11.10% of the stock is owned by corporate insiders.
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OceanFirst Financial Corp. Company Profile
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.
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