OceanFirst Financial Corp.'s Board of Directors has authorized a new 2025 Stock Repurchase Program, allowing the company to repurchase up to 3 million shares of its outstanding common stock. This amount represents approximately 5% of the company's total outstanding common shares.
This new authorization is incremental to the company's existing 2021 Stock Repurchase Program, providing further flexibility for capital deployment. Christopher D. Maher, Chairman and Chief Executive Officer, stated that the program underscores the belief that OceanFirst shares represent a compelling investment opportunity.
The repurchase program enhances the company's ability to respond opportunistically to market conditions and return value to shareholders. It also allows the company to maintain capacity to invest in organic growth and strategic initiatives, signaling confidence in the company's financial health and future prospects.
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