Is OceanFirst Financial Corp. overvalued or undervalued?

As of 17 October 2024, OceanFirst Financial Corp. has moved from a very attractive to a fair valuation grade. The company appears to be fairly valued at this time. Key ratios include a P/E ratio of 11, a price-to-book value of 0.61, and an EV to EBIT of 16.83.
In comparison to its peers, OceanFirst's P/E ratio is lower than that of Provident Financial Services, Inc. at 11.44 and Northwest Bancshares, Inc. at 12.93, both of which are rated very attractive. Additionally, the company's dividend yield stands out at an impressive 227.37%, although its ROE and ROCE are relatively modest at 5.52% and 4.38%, respectively. While OceanFirst has shown a strong one-year return of 15.69% compared to the S&P 500's 10.26%, its longer-term performance has lagged behind the index, suggesting a cautious outlook moving forward.