Bank OZK (NASDAQ:OZK – Free Report) had its price target lifted by Wells Fargo & Company from $52.00 to $56.00 in a research note published on Monday morning, Marketbeat reports. The firm currently has an equal weight rating on the stock.
Several other analysts also recently issued reports on OZK. Wall Street Zen upgraded Bank OZK from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Piper Sandler reiterated an “overweight” rating and issued a $61.00 target price on shares of Bank OZK in a report on Wednesday, July 22nd. UBS Group lifted their target price on shares of Bank OZK from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded shares of Bank OZK from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Finally, TD Cowen reduced their price target on shares of Bank OZK from $53.00 to $52.00 and set a “hold” rating for the company in a research report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bank OZK has an average rating of “Hold” and an average target price of $56.88.
Check Out Our Latest Report on Bank OZK
Bank OZK Stock Performance
Bank OZK (NASDAQ:OZK – Get Free Report) last announced its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.The company had revenue of $430.02 million for the quarter, compared to analyst estimates of $436.42 million. During the same period in the previous year, the firm earned $1.47 earnings per share. Bank OZK’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts predict that Bank OZK will post 5.88 EPS for the current fiscal year.
Bank OZK Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Monday, July 13th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.7%. This is a positive change from Bank OZK’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Monday, July 13th. Bank OZK’s payout ratio is currently 31.74%.
Bank OZK announced that its board has initiated a share repurchase program on Monday, June 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its stake in shares of Bank OZK by 4.2% in the 4th quarter. Quadrant Capital Group LLC now owns 5,446 shares of the company’s stock valued at $251,000 after acquiring an additional 218 shares in the last quarter. Kera Capital Partners Inc. lifted its holdings in Bank OZK by 2.1% in the 4th quarter. Kera Capital Partners Inc. now owns 11,336 shares of the company’s stock worth $539,000 after purchasing an additional 236 shares during the last quarter. Cardinal Capital Management boosted its position in Bank OZK by 0.6% during the fourth quarter. Cardinal Capital Management now owns 48,979 shares of the company’s stock worth $2,254,000 after purchasing an additional 277 shares during the period. Cornerstone Wealth Management LLC boosted its position in Bank OZK by 4.5% during the fourth quarter. Cornerstone Wealth Management LLC now owns 6,403 shares of the company’s stock worth $295,000 after purchasing an additional 278 shares during the period. Finally, Illinois Municipal Retirement Fund grew its holdings in Bank OZK by 0.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 38,261 shares of the company’s stock valued at $1,761,000 after purchasing an additional 317 shares during the last quarter. 86.18% of the stock is owned by hedge funds and other institutional investors.
About Bank OZK
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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