OceanFirst Financial authorizes 2025 stock repurchase program

OceanFirst Financial Corp. (NASDAQ: OCFC) announced that its board of directors has authorized a 2025 stock repurchase program allowing the company to repurchase up to 3 million shares, representing approximately 5% of its outstanding common stock.

The authorization is in addition to the company's existing 2021 stock repurchase program, according to a press release statement from the Red Bank, New Jersey-based holding company for OceanFirst Bank N.A.

"The repurchase program underscores our belief that OceanFirst shares represent a compelling investment opportunity," said Christopher D. Maher, chairman and chief executive officer. "The program enhances our capital deployment flexibility, allowing us to respond opportunistically to market conditions while maintaining the capacity to invest in organic growth, strategic initiatives, and shareholder returns."

The company did not specify a timeline for the repurchase program or provide details about the funding source for the share buybacks. Stock repurchase programs typically allow companies to buy back shares over an extended period at management's discretion based on market conditions and available capital.

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A., which provides commercial and residential lending services primarily in New Jersey and the surrounding region.

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