Media stories about OceanFirst Financial Corp. (NASDAQ:OCFC) have trended somewhat positive recently, Accern Sentiment reports. The research firm scores the sentiment of press coverage by analyzing more than 20 million blog and news sources in real time. Accern ranks coverage of companies on a scale of -1 to 1, with scores closest to one being the most favorable. OceanFirst Financial Corp. earned a coverage optimism score of 0.24 on Accern’s scale. Accern also gave news stories about the savings and loans company an impact score of 47.8519562442445 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the near future.
OCFC has been the topic of a number of research reports. Keefe, Bruyette & Woods restated a “buy” rating and issued a $32.00 price objective on shares of OceanFirst Financial Corp. in a research note on Wednesday, May 3rd. Zacks Investment Research upgraded OceanFirst Financial Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, BidaskClub cut OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th.
Shares of OceanFirst Financial Corp. (NASDAQ OCFC) opened at 25.10 on Friday. The stock has a market cap of $806.26 million, a price-to-earnings ratio of 21.69 and a beta of 0.62. OceanFirst Financial Corp. has a 1-year low of $18.83 and a 1-year high of $30.70. The stock’s 50 day moving average price is $26.86 and its 200-day moving average price is $27.76.
OceanFirst Financial Corp. declared that its Board of Directors has approved a share buyback program on Thursday, April 27th that authorizes the company to repurchase 1,600,000 shares. This repurchase authorization authorizes the savings and loans company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Monday, August 7th will be issued a $0.15 dividend. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.39%. OceanFirst Financial Corp.’s payout ratio is 51.72%.
In related news, Director Donald E. Mclaughlin sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $26.74, for a total transaction of $80,220.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John R. Garbarino sold 15,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $26.31, for a total value of $394,650.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,175 shares of company stock valued at $1,274,196. Company insiders own 11.10% of the company’s stock.
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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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