OceanFirst Financial Corp. (NASDAQ:OCFC) announced that its board has approved a stock buyback plan, which allows the company to buyback 1,600,000 outstanding shares on Thursday, April 27th, EventVestor reports. This buyback authorization allows the savings and loans company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of OceanFirst Financial Corp. from a “hold” rating to a “sell” rating in a report on Saturday, May 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $32.00 price objective on shares of OceanFirst Financial Corp. in a report on Wednesday, May 3rd.

Shares of OceanFirst Financial Corp. (NASDAQ OCFC) traded up 1.16% during midday trading on Friday, hitting $27.03. 121,025 shares of the stock were exchanged. The firm’s 50 day moving average price is $27.40 and its 200-day moving average price is $27.92. OceanFirst Financial Corp. has a 52-week low of $17.50 and a 52-week high of $30.70. The stock has a market cap of $862.26 million, a P/E ratio of 24.24 and a beta of 0.59.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Stockholders of record on Monday, May 8th were given a dividend of $0.15 per share. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Thursday, May 4th. OceanFirst Financial Corp.’s payout ratio is presently 61.22%.

In other news, EVP Joseph Lebel III sold 20,050 shares of OceanFirst Financial Corp. stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $26.54, for a total transaction of $532,127.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven E. Brady sold 15,850 shares of OceanFirst Financial Corp. stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $28.63, for a total value of $453,785.50. Following the transaction, the director now directly owns 70,317 shares in the company, valued at $2,013,175.71. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,025 shares of company stock worth $2,009,341. Insiders own 11.10% of the company’s stock.

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About OceanFirst Financial Corp.

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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