Oceanfirst Financial (OCFC) Raises Quarterly Dividend 13.3% to $0.17; 2.7% Yield

Oceanfirst Financial (NASDAQ: OCFC) declared a quarterly dividend of $0.17 per share, or $0.68 annualized. This is a 13.3% increase from the prior dividend of $0.15.

The dividend will be payable on November 16, 2018, to stockholders of record on November 5, 2018, with an ex-dividend date of November 2, 2018.

The annual yield on the dividend is 2.7 percent.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report exceptional results for the quarter with record core earnings of $25.7 million and core diluted earnings per share of $0.53. Core expenses decreased by $5.0 million, as compared to the prior linked quarter, benefiting from the branch consolidations and systems integrations completed during the second quarter, and lowering our core efficiency ratio to 53.7%. Our loan to deposit ratio remained steady at 95%, while the cost of deposits increased only four basis points to 0.39%, remaining one of the most competitive in our peer group.” Mr. Maher added, “We announced today, our plans to acquire Capital Bank of New Jersey. This acquisition provides a great opportunity to enhance OceanFirst’s deposit market share and continue our strategic growth plans.”

For a dividend history and other dividend-related data on Oceanfirst Financial (OCFC) click here.

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