OceanFirst Financial (NASDAQ:OCFC) Shares Gap Up After Dividend Announcement

OceanFirst Financial Corp. (NASDAQ:OCFCGet Rating) gapped up before the market opened on Friday after the company announced a dividend. The stock had previously closed at $20.79, but opened at $22.39. OceanFirst Financial shares last traded at $22.29, with a volume of 592 shares traded.

The newly announced dividend which will be paid on Friday, February 17th. Shareholders of record on Monday, February 6th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Friday, February 3rd. OceanFirst Financial’s dividend payout ratio is presently 42.11%.

Wall Street Analyst Weigh In

Several research firms recently commented on OCFC. Piper Sandler cut OceanFirst Financial from an “overweight” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Monday, December 12th. StockNews.com cut OceanFirst Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 19th.

OceanFirst Financial Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $1.33 billion, a P/E ratio of 11.80 and a beta of 0.88. The company has a fifty day moving average of $22.16 and a two-hundred day moving average of $21.01.

OceanFirst Financial (NASDAQ:OCFCGet Rating) last announced its quarterly earnings data on Monday, October 24th. The savings and loans company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.04. The firm had revenue of $111.12 million during the quarter, compared to analyst estimates of $110.20 million. OceanFirst Financial had a return on equity of 8.52% and a net margin of 26.95%. During the same period in the previous year, the company earned $0.45 earnings per share. On average, equities analysts anticipate that OceanFirst Financial Corp. will post 2.29 EPS for the current year.

Institutional Trading of OceanFirst Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hennessy Advisors Inc. grew its holdings in shares of OceanFirst Financial by 27.0% during the fourth quarter. Hennessy Advisors Inc. now owns 235,000 shares of the savings and loans company’s stock valued at $4,994,000 after purchasing an additional 50,000 shares during the last quarter. North Star Investment Management Corp. grew its holdings in shares of OceanFirst Financial by 102.8% during the fourth quarter. North Star Investment Management Corp. now owns 90,821 shares of the savings and loans company’s stock valued at $1,930,000 after purchasing an additional 46,046 shares during the last quarter. Addison Capital Co grew its holdings in shares of OceanFirst Financial by 61.7% during the fourth quarter. Addison Capital Co now owns 139,290 shares of the savings and loans company’s stock valued at $2,960,000 after purchasing an additional 53,124 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of OceanFirst Financial by 1.7% during the third quarter. Bank of New York Mellon Corp now owns 446,714 shares of the savings and loans company’s stock valued at $8,327,000 after purchasing an additional 7,522 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of OceanFirst Financial during the third quarter valued at approximately $332,000. 69.77% of the stock is owned by institutional investors.

About OceanFirst Financial

(Get Rating)

OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank N.A. that provides community banking services. It accepts money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing demand deposits, and time deposits to retail, government, and business customers.

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