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

OceanFirst Financial Corp. (OCFC) traded up 1.16% during trading on Friday, hitting $27.03. The stock had a trading volume of 121,025 shares. OceanFirst Financial Corp. has a 1-year low of $17.50 and a 1-year high of $30.70. The firm has a 50 day moving average price of $27.40 and a 200-day moving average price of $27.92. The firm has a market capitalization of $862.26 million, a PE ratio of 24.24 and a beta of 0.59.

The business also recently announced a quarterly dividend, which was paid on Friday, May 19th. Investors of record on Monday, May 8th were issued a $0.15 dividend. The ex-dividend date was Thursday, May 4th. This represents a $0.60 annualized dividend and a yield of 2.22%. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. OceanFirst Financial Corp.’s dividend payout ratio (DPR) is currently 61.22%.

OCFC has been the subject of a number of research analyst reports. Zacks Investment Research cut OceanFirst Financial Corp. from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $32.00 target price on shares of OceanFirst Financial Corp. in a research report on Wednesday, May 3rd.

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In other OceanFirst Financial Corp. news, Director Steven E. Brady sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $28.18, for a total transaction of $225,440.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven E. Brady sold 15,850 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $28.63, for a total transaction of $453,785.50. Following the sale, the director now directly owns 70,317 shares in the company, valued at approximately $2,013,175.71. The disclosure for this sale can be found here. Insiders sold 74,025 shares of company stock worth $2,009,341 in the last 90 days. 11.10% of the stock is currently owned by corporate insiders.

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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