Media headlines about OceanFirst Financial Corp. (NASDAQ:OCFC) have trended somewhat positive recently, Accern Sentiment reports. Accern identifies negative and positive news coverage by analyzing more than 20 million blog and news sources in real time. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. OceanFirst Financial Corp. earned a media sentiment score of 0.13 on Accern’s scale. Accern also assigned media stories about the savings and loans company an impact score of 47.8089714644232 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the company’s share price in the near future.
OCFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $32.00 price objective on shares of OceanFirst Financial Corp. in a research report on Wednesday, May 3rd. Zacks Investment Research cut OceanFirst Financial Corp. from a “strong-buy” rating to a “hold” rating in a report on Friday, May 5th. Finally, BidaskClub cut OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th.
OceanFirst Financial Corp. (NASDAQ:OCFC) traded down 0.37% during trading on Friday, reaching $24.51. The company’s stock had a trading volume of 163,132 shares. OceanFirst Financial Corp. has a 52-week low of $18.99 and a 52-week high of $30.70. The stock has a market cap of $787.31 million, a P/E ratio of 21.18 and a beta of 0.62. The firm’s 50-day moving average is $26.64 and its 200-day moving average is $27.61.
OceanFirst Financial Corp. announced that its board has authorized a share repurchase plan on Thursday, April 27th that allows the company to repurchase 1,600,000 shares. This repurchase authorization allows the savings and loans company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.45%. This is an increase from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, August 3rd. OceanFirst Financial Corp.’s payout ratio is presently 51.72%.
In other news, Director John R. Garbarino sold 15,000 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $26.31, for a total value of $394,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph Lebel III sold 10,125 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $26.39, for a total transaction of $267,198.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,175 shares of company stock valued at $1,274,196. 11.10% of the stock is owned by company insiders.
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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