OceanFirst Financial Corp. (NASDAQ:OCFC) Shares Set to Pay Quarterly Dividend of $0.20

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Tuesday, October 27th. Investors of record on Monday, November 9th will be paid a dividend of $0.20 per share by the savings and loans company on Friday, November 20th. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Monday, November 9th.

OceanFirst Financial has a dividend payout ratio of 41.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect OceanFirst Financial to earn $2.32 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 34.5%.

OceanFirst Financial Stock Performance

Shares of OCFC stock opened at $17.36 on Wednesday. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 20.43 and a beta of 1.02. OceanFirst Financial has a 52-week low of $15.60 and a 52-week high of $20.61. The firm’s 50-day moving average is $17.58 and its 200-day moving average is $18.47.

OceanFirst Financial (NASDAQ:OCFC) last released its quarterly earnings data on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.08. The company had revenue of $185.13 million for the quarter, compared to the consensus estimate of $177.79 million. Sell-side analysts predict that OceanFirst Financial will post 1.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on OCFC. Weiss Ratings cut shares of OceanFirst Financial from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, September 25th. Piper Sandler lowered their target price on OceanFirst Financial from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Four equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $19.00.

About OceanFirst Financial

OceanFirst Financial Corp. (NASDAQ:OCFC) is the bank holding company for OceanFirst Bank, a full-service community bank headquartered in Toms River, New Jersey. The company provides banking and financial services to individuals, families, businesses, and nonprofit organizations.

OceanFirst Bank offers deposit products, residential and commercial real estate lending, business loans, consumer loans, mortgage services, online and mobile banking, and cash-management solutions. Through its wealth-management operations, the company also provides investment management, trust, and financial-planning services.

Founded in 1902, OceanFirst has grown from a savings institution serving the Jersey Shore into a regional banking organization.