OCFCP - OceanFirst Financial: Trading At A Significant Discount Are We Being Too Cautious?
2024-04-19 12:49:40 ET
Summary
- OceanFirst Financial Corp. Q1 earnings were mixed, with a decline in loans and deposits but a rise in net income.
- Asset quality metrics were mixed, with an increase in net charge-offs and non-performing loans.
- The bank's attractive dividend yield and share repurchases are tempting, but the high concentration of commercial real estate loans and rising non-performing loans raise concerns.
OceanFirst Financial Corp. ( OCFC ) is a New Jersey-based regional bank that we highlighted in January as tempting for income with its over 5% dividend yield, however we were cautious, given the bank's loan portfolio and asset quality. Shares are down about 12% in that time, although the market has started to correct here in April....
OceanFirst Financial: Trading At A Significant Discount, Are We Being Too Cautious?