OceanFirst Financial Corp. (OCFC) To Go Ex-Dividend on November 9th

OceanFirst Financial Corp. (NASDAQ:OCFC) declared a quarterly dividend on Tuesday, October 27th. Shareholders of record on Monday, November 9th will be given a dividend of $0.20 per share by the savings and loans company on Friday, November 20th. This represents a $0.80 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, November 9th.

OceanFirst Financial has a payout ratio of 41.7% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ OCFC opened at $17.68 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock has a market cap of $1.71 billion, a P/E ratio of 20.80 and a beta of 1.02. The stock has a 50 day moving average of $17.54 and a two-hundred day moving average of $18.47. OceanFirst Financial has a twelve month low of $15.60 and a twelve month high of $20.61.

OceanFirst Financial (NASDAQ:OCFC) last announced its earnings results on Tuesday, October 27th. The savings and loans company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.08. OceanFirst Financial had a net margin of 6.38% and a return on equity of 5.34%. The business had revenue of $185.13 million for the quarter, compared to analysts’ expectations of $177.79 million. On average, research analysts forecast that OceanFirst Financial will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Brian Schaeffer sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $18.91, for a total value of $104,005.00. Following the transaction, the executive vice president owned 83,068 shares of the company’s stock, valued at approximately $1,570,815.88. The trade was a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Buran sold 113,463 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $19.40, for a total value of $2,201,182.20. The SEC filing for this sale provides additional information. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On OceanFirst Financial

Several institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its stake in shares of OceanFirst Financial by 62.7% in the third quarter. State of Alaska Department of Revenue now owns 3,784 shares of the savings and loans company’s stock valued at $62,000 after buying an additional 1,458 shares in the last quarter. Byrne Asset Management LLC raised its position in OceanFirst Financial by 18.5% in the third quarter. Byrne Asset Management LLC now owns 10,940 shares of the savings and loans company’s stock worth $182,000 after acquiring an additional 1,710 shares in the last quarter. Versant Capital Management Inc raised its position in OceanFirst Financial by 179.0% in the third quarter. Versant Capital Management Inc now owns 5,187 shares of the savings and loans company’s stock worth $86,000 after acquiring an additional 3,328 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in OceanFirst Financial in the second quarter worth $81,000. Finally, Squarepoint Ops LLC lifted its holdings in OceanFirst Financial by 23.4% in the second quarter. Squarepoint Ops LLC now owns 142,674 shares of the savings and loans company’s stock valued at $2,786,000 after acquiring an additional 27,056 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

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.