News articles about OceanFirst Financial Corp. (NASDAQ:OCFC) have trended somewhat positive this week, Accern Sentiment reports. The research firm identifies positive and negative press coverage by monitoring more than twenty 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 0.13 on Accern’s scale. Accern also gave headlines about the savings and loans company an impact score of 47.8089714644232 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the next few days.
Several analysts have recently issued reports on the company. Zacks Investment Research downgraded OceanFirst Financial Corp. from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 5th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $32.00 price target on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd. Finally, BidaskClub downgraded OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th.
OceanFirst Financial Corp. (NASDAQ OCFC) traded down 0.37% during trading on Friday, hitting $24.51. The company had a trading volume of 163,132 shares. OceanFirst Financial Corp. has a one year low of $18.99 and a one year high of $30.70. The stock has a market capitalization of $787.31 million, a PE ratio of 21.18 and a beta of 0.62. The stock has a 50-day moving average of $26.64 and a 200-day moving average of $27.61.
OceanFirst Financial Corp. announced that its Board of Directors has initiated a share repurchase program on Thursday, April 27th that permits the company to buyback 1,600,000 shares. This buyback authorization permits the savings and loans company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. OceanFirst Financial Corp.’s payout ratio is currently 51.72%.
In other news, EVP Joseph Lebel III sold 10,125 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $26.39, for a total value of $267,198.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald E. Mclaughlin sold 3,000 shares of OceanFirst Financial Corp. stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $26.74, for a total transaction of $80,220.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,175 shares of company stock valued at $1,274,196. Corporate insiders own 11.10% of the company’s stock.
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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