Oceanfirst Finl Corp Stock Price, News & Analysis

OceanFirst Financial Corp. (NASDAQ: OCFC) announced the initiation of a 2021 Stock Repurchase Program, allowing the buyback of approximately 3,000,000 shares, in addition to 1,519,145 shares remaining from the 2019 program. The company views this buyback as a favorable long-term investment, influenced by current market prices and economic conditions affecting both the bank and the broader industry.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported a significant increase in net income for Q1 2021, reaching $31.7 million or $0.53 per diluted share, up from $16.5 million or $0.27 per diluted share a year prior. The results were bolstered by a release of credit loss expenses and improved operational efficiency, reflected in a 54.73% efficiency ratio. Total loans grew by $116.4 million, with record originations of $747.8 million. Additionally, the company declared a cash dividend of $0.17 per share, marking its 97th consecutive quarterly dividend.

OceanFirst Financial Corp. (NASDAQ: OCFC) announced a quarterly cash dividend of $0.4375 per share for its Series A Preferred Stock. This dividend is payable on May 17, 2021, to stockholders of record on April 30, 2021. Founded in 1902, OceanFirst Bank N.A., a subsidiary of OceanFirst Financial, operates in New Jersey, metropolitan Philadelphia, and New York City, providing a variety of financial services including commercial and residential financing, trust services, and asset management.

OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q1 2021 on April 29, 2021, post-market closure. A conference call is scheduled for April 30, 2021, at 11:00 a.m. ET to discuss the results. With $11.45 billion in assets, OceanFirst Bank operates in New Jersey and metropolitan areas of Philadelphia and New York, providing various financial solutions.

Investors can access the conference call via phone or online, and a replay will be available for 90 days. The company cautions that forward-looking statements may be affected by various risks.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported Q4 2020 net income of $32.1 million ($0.54 per diluted share), up from $23.5 million in Q4 2019. For the full year, net income was $61.2 million ($1.02 per diluted share), down from $88.6 million in 2019. Impacts included increased credit losses and net interest margin compression due to COVID-19. However, total assets rose to $11.45 billion, boosted by strategic acquisitions, and deposits increased by $3.10 billion. The company declared its 96th consecutive quarterly cash dividend of $0.17 per share, payable February 19, 2021.

OceanFirst Financial Corp. (NASDAQ: OCFC) has declared a quarterly cash dividend of $0.4375 per share for each depository share representing a 1/40th interest in the Series A Preferred Stock. The dividend is payable on February 15, 2021, to shareholders on record as of January 29, 2021.

Founded in 1902, OceanFirst Bank N.A. is a leading regional bank serving the New Jersey, Philadelphia, and New York City markets, offering a range of financial services including commercial and residential financing.

OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q4 2020 on January 28, 2021, post-market. A conference call to discuss the highlights will be held on January 29, 2021, at 11:00 a.m. ET. OceanFirst Bank, the company's subsidiary, operates a $11.7 billion regional bank in New Jersey and the metropolitan areas of Philadelphia and New York City, offering various financial services. Interested participants can join via phone or through the company's website, with a replay available until April 29, 2021.

OceanFirst Financial Corp. (NASDAQ:OCFC) has appointed Joseph J. Lebel III as President of OceanFirst Bank, effective January 1, 2021. Lebel, with over 35 years of banking experience, moves from his role as Executive Vice President and COO. He will assume responsibilities over commercial credit alongside his existing operational duties. Christopher D. Maher remains Chairman and CEO, emphasizing their collaborative history. OceanFirst Bank, established in 1902, operates as a $11.7 billion regional bank in New Jersey and metropolitan areas, providing diverse financial services.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported a net loss of $6.0 million, or $(0.10) per diluted share, for Q3 2020, compared to a net income of $25.0 million, or $0.49 per diluted share, in Q3 2019. Year-to-date, net income was $29.2 million, down from $65.1 million in the prior year. Increased credit losses of $35.7 million impacted results, driven by the COVID-19 pandemic. Despite challenges, deposits grew by $315.5 million, and the company maintains strong capital levels. The Board declared a quarterly dividend of $0.17 per share, emphasizing a commitment to shareholder returns.