OCFC - OceanFirst Financial: The 7.1% Fixed-To-Floating Preferred Remains Very Attractive

2024-03-21 10:30:00 ET

Summary

• OceanFirst Financial is a regional bank headquartered in New Jersey with a strong focus on three states.
• The bank's preferred shares have well-covered dividends and are expected to continue increasing in value towards the $25 call price.
• The bank's common shares are currently trading at a discount to tangible book value and have a low earnings multiple, making them an attractive investment option.

Introduction

OceanFirst Financial ( OCFC ) is a regional bank focusing on New Jersey, New York and Pennsylvania . Headquartered in New Jersey, the bank strictly focuses on those three states which does cause a ‘concentration risk’ but the strong focus on just three states could also be seen as an advantage as the bank employees and officers are likely to have a very detailed knowledge of the area they operate in....

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