OceanFirst Financial announces a stock repurchase program of up to 3 million shares, enhancing capital deployment flexibility.
Quiver AI Summary
OceanFirst Financial Corp. has announced a new stock repurchase program that allows the company to buy back up to 3 million shares, approximately 5% of its outstanding common stock, which is in addition to its existing program from 2021. Chairman and CEO Christopher D. Maher stated that this initiative indicates their confidence in the value of OceanFirst shares and provides the company with flexibility in capital deployment while still allowing for investments in growth and shareholder returns. The release also includes a disclaimer regarding forward-looking statements and potential risks that could impact the company’s operations.
Potential Positives
- Authorization of a new stock repurchase program allows OceanFirst Financial Corp. to buy back up to 3 million shares, signaling confidence in the company's valuation.
- The repurchase program enhances capital deployment flexibility, enabling the company to respond to market opportunities while maintaining investments in growth and shareholder returns.
- The announcement indicates strong leadership confidence, as stated by CEO Christopher D. Maher, reinforcing the belief in OceanFirst's investment potential.
Potential Negatives
- The announcement of a stock repurchase program, while intended to signal confidence, may indicate that the company lacks more profitable investment opportunities, potentially limiting growth prospects.
- The mention of numerous risks and uncertainties that could materially affect operations may raise concerns among investors about the stability and future performance of the company.
- The broad nature of the forward-looking statements and risks listed without specific context or mitigation strategies may create uncertainty, making it difficult for investors to assess the company's future.
FAQ
What is the 2025 Stock Repurchase Program?
The 2025 Stock Repurchase Program allows OceanFirst Financial Corp. to buy back up to 3 million shares of its common stock.
How much of the outstanding common stock does this represent?
This repurchase program represents approximately 5% of OceanFirst Financial Corp.'s outstanding common stock.
Why is OceanFirst initiating this stock repurchase?
The company believes OceanFirst shares are a compelling investment opportunity, enhancing capital deployment flexibility.
When will the repurchase program take effect?
The 2025 Stock Repurchase Program was authorized on July 16, 2025, by the Board of Directors.
Where can I find more information about OceanFirst Financial Corp.?
More information, including press releases, can be found on OceanFirst Financial Corp.'s website at www.oceanfirst.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OCFC Hedge Fund Activity
We have seen 97 institutional investors add shares of $OCFC stock to their portfolio, and 81 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GLENMEDE TRUST CO NA added 738,076 shares (+inf%) to their portfolio in Q1 2025, for an estimated $12,554,672
- BOSTON PARTNERS removed 706,772 shares (-96.4%) from their portfolio in Q1 2025, for an estimated $12,022,191
- METLIFE INVESTMENT MANAGEMENT, LLC added 429,259 shares (+1226.5%) to their portfolio in Q1 2025, for an estimated $7,301,695
- ROYCE & ASSOCIATES LP added 262,259 shares (+34.3%) to their portfolio in Q1 2025, for an estimated $4,461,025
- GOLDMAN SACHS GROUP INC removed 225,083 shares (-36.1%) from their portfolio in Q1 2025, for an estimated $3,828,661
- BANK OF AMERICA CORP /DE/ added 178,758 shares (+58.9%) to their portfolio in Q1 2025, for an estimated $3,040,673
- AQR CAPITAL MANAGEMENT LLC removed 176,977 shares (-23.5%) from their portfolio in Q1 2025, for an estimated $3,010,378
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$OCFC Analyst Ratings
Wall Street analysts have issued reports on $OCFC in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Raymond James issued a "Strong Buy" rating on 04/02/2025
To track analyst ratings and price targets for $OCFC, check out Quiver Quantitative's $OCFC forecast page.
$OCFC Price Targets
Multiple analysts have issued price targets for $OCFC recently. We have seen 3 analysts offer price targets for $OCFC in the last 6 months, with a median target of $21.0.
Here are some recent targets:
- Timothy Switzer from Keefe, Bruyette & Woods set a target price of $20.0 on 04/28/2025
- Daniel Tamayo from Raymond James set a target price of $21.0 on 04/02/2025
- Matt Breese from Stephens & Co. set a target price of $22.0 on 01/24/2025
Full Release
RED BANK, N.J., July 16, 2025 (GLOBE NEWSWIRE) --
OceanFirst Financial Corp. (NASDAQ:“OCFC”),
(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that its Board of Directors has authorized a 2025 Stock Repurchase Program, under which the Company may repurchase up to 3 million shares, or approximately 5% of its outstanding common stock. This authorization is incremental to the Company’s existing 2021 Stock Repurchase Program.
“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.”
OceanFirst Financial Corp.’s press releases are available by visiting us at
www.oceanfirst.com
.
Forward-Looking Statements
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, and retaliatory responses, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in investor sentiment and consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Company Contact:
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com
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