OceanFirst Financial Corp. (NASDAQ:OCFC) Plans Quarterly Dividend of $0.20

Key Points

• OceanFirst Financial declared a quarterly dividend of $0.20 per share, payable August 21 to shareholders of record August 10. The dividend equates to $0.80 annually and a yield of approximately 4.1%.
• The dividend appears well covered, with a current payout ratio of 41.7% and an expected future payout ratio of 34.5% based on projected earnings of $2.32 per share next year. The company recently reported quarterly EPS of $0.43, slightly above the $0.42 analyst consensus.
• Analyst sentiment remains cautious: one analyst rates OCFC a Buy and five rate it Hold, producing a consensus Hold rating and a $21.00 target price.

OceanFirst Financial Corp. (NASDAQ:OCFC - Get Free Report) declared a quarterly dividend on Thursday, July 30th. Investors of record on Monday, August 10th will be paid a dividend of 0.20 per share by the savings and loans company on Friday, August 21st. This represents a c) dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Monday, August 10th.

OceanFirst Financial has increased its dividend payment by an average of 0.0%per year over the last three years. OceanFirst Financial has a dividend payout ratio of 41.7% meaning 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

NASDAQ OCFC opened at $19.64 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $1.13 billion, a P/E ratio of 16.79 and a beta of 0.98. The stock has a 50-day moving average of $18.91 and a two-hundred day moving average of $18.71. OceanFirst Financial has a 1-year low of $16.09 and a 1-year high of $20.61.

OceanFirst Financial (NASDAQ:OCFC - Get Free Report) last released its earnings results on Thursday, July 30th. The savings and loans company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.01. OceanFirst Financial had a net margin of 10.04% and a return on equity of 5.35%. As a group, analysts anticipate that OceanFirst Financial will post 1.85 EPS for the current year.

Analyst Ratings Changes

OCFC has been the subject of a number of analyst reports. DA Davidson boosted their price objective on OceanFirst Financial from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Weiss Ratings upgraded shares of OceanFirst Financial from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, June 29th. Finally, Piper Sandler set a $19.00 price objective on shares of OceanFirst Financial and gave the company a "neutral" rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $21.00.

OceanFirst Financial Company Profile

OceanFirst Financial Corporation NASDAQ: OCFC is a bank holding company headquartered in Toms River, New Jersey, that provides a full range of community banking and financial services through its principal subsidiary, OceanFirst Bank. Established in the early 20th century, the company has built its business around serving the deposit, lending and wealth management needs of individuals, small businesses, municipalities and nonprofit organizations across New Jersey and portions of New York.

The company's core activities include accepting consumer and business deposits, making commercial, municipal and consumer loans, and offering residential mortgage financing.

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