Quantinno Capital Management LP boosted its holdings in Bank OZK (NASDAQ:OZK – Free Report) by 41.7% during the first quarter, Holdings Channel.com reports. The fund owned 929,888 shares of the company’s stock after buying an additional 273,543 shares during the quarter. Quantinno Capital Management LP’s holdings in Bank OZK were worth $42,673,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wasatch Advisors LP grew its holdings in shares of Bank OZK by 34.9% during the third quarter. Wasatch Advisors LP now owns 7,437,646 shares of the company’s stock worth $379,171,000 after purchasing an additional 1,924,387 shares in the last quarter. Norges Bank purchased a new stake in Bank OZK in the fourth quarter valued at approximately $59,809,000. State Street Corp lifted its position in Bank OZK by 9.1% during the fourth quarter. State Street Corp now owns 6,556,105 shares of the company’s stock valued at $301,712,000 after purchasing an additional 546,785 shares during the last quarter. Fairholme Capital Management LLC grew its stake in Bank OZK by 45.1% in the 2nd quarter. Fairholme Capital Management LLC now owns 916,752 shares of the company’s stock worth $43,142,000 after buying an additional 285,150 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in Bank OZK in the 3rd quarter worth approximately $13,014,000. Hedge funds and other institutional investors own 86.18% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on OZK shares. Morgan Stanley raised their price objective on shares of Bank OZK from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Wall Street Zen lowered Bank OZK from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Weiss Ratings raised shares of Bank OZK from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Wells Fargo & Company boosted their price target on shares of Bank OZK from $50.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Finally, Piper Sandler restated an “overweight” rating and set a $61.00 price target on shares of Bank OZK in a research report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Bank OZK presently has a consensus rating of “Hold” and an average price target of $56.38.
Bank OZK Stock Down 1.1%
Shares of NASDAQ OZK opened at $50.99 on Friday. The firm has a fifty day simple moving average of $50.28 and a two-hundred day simple moving average of $48.39. Bank OZK has a 12 month low of $42.37 and a 12 month high of $53.66. The company has a current ratio of 0.97, a quick ratio of 1.00 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $5.70 billion, a PE ratio of 8.43 and a beta of 0.89.
Bank OZK (NASDAQ:OZK – Get Free Report) last announced its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%. The firm had revenue of $430.02 million for the quarter, compared to analyst estimates of $436.42 million. During the same quarter in the previous year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up .5% compared to the same quarter last year. Equities analysts expect that Bank OZK will post 5.88 earnings per share for the current year.
Bank OZK Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Monday, July 13th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Monday, July 13th. This is a positive change from Bank OZK’s previous quarterly dividend of $0.47. Bank OZK’s payout ratio is presently 31.74%.
Bank OZK declared that its Board of Directors has initiated a stock repurchase program on Monday, June 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Bank OZK Profile
Bank OZK, formerly known as Bank of the Ozarks, is a regional commercial bank headquartered in Little Rock, Arkansas. Established in 1903, the bank offers a full suite of banking products and services to both individual and corporate clients. Through a combination of organic growth and targeted acquisitions, Bank OZK has built a diversified lending portfolio and a strong deposit franchise.
The bank’s core operations focus on commercial real estate lending, including acquisition, development and construction financing.
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