Giverny Capital Inc. lowered its stake in Bank OZK (NASDAQ:OZK – Free Report) by 2.7% during the 2nd quarter, Holdings Channel reports. The firm owned 1,198,116 shares of the company’s stock after selling 32,943 shares during the quarter. Bank OZK makes up about 2.1% of Giverny Capital Inc.’s holdings, making the stock its 19th biggest position. Giverny Capital Inc.’s holdings in Bank OZK were worth $62,410,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also bought and sold shares of the company. BOKF NA purchased a new position in shares of Bank OZK during the third quarter valued at about $27,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Bank OZK in the fourth quarter worth about $36,000. Transamerica Financial Advisors LLC boosted its stake in Bank OZK by 111.2% during the fourth quarter. Transamerica Financial Advisors LLC now owns 830 shares of the company’s stock valued at $38,000 after buying an additional 437 shares during the last quarter. Employees Retirement System of Texas bought a new position in Bank OZK during the third quarter valued at approximately $51,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Bank OZK during the 4th quarter valued at approximately $47,000. Hedge funds and other institutional investors own 86.18% of the company’s stock.
Analyst Ratings Changes
OZK has been the topic of a number of research reports. Citigroup reaffirmed a “sell” rating on shares of Bank OZK in a research note on Monday, August 17th. Raymond James Financial initiated coverage on shares of Bank OZK in a report on Tuesday, September 1st. They issued a “market perform” rating for the company. TD Cowen reduced their price target on shares of Bank OZK from $53.00 to $52.00 and set a “hold” rating on the stock in a research report on Friday, July 24th. Weiss Ratings raised shares of Bank OZK from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, June 23rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $61.00 price objective 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 given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Bank OZK currently has an average rating of “Hold” and a consensus price target of $56.88.
Bank OZK Stock Performance
Shares of NASDAQ OZK opened at $50.43 on Monday. Bank OZK has a 1-year low of $42.37 and a 1-year high of $53.66. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50 day moving average is $50.73 and its two-hundred day moving average is $48.78. The stock has a market capitalization of $5.64 billion, a P/E ratio of 8.34 and a beta of 0.88.
Bank OZK (NASDAQ:OZK – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.01. The business had revenue of $430.02 million during the quarter, compared to analyst estimates of $436.42 million. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company earned $1.47 EPS. As a group, research analysts expect that Bank OZK will post 5.83 EPS for the current year.
Bank OZK declared that its board has authorized a share buyback plan on Monday, June 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Bank OZK Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Monday, July 13th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.8%. The ex-dividend date was Monday, July 13th. This is a boost from Bank OZK’s previous quarterly dividend of $0.47. Bank OZK’s payout ratio is currently 31.74%.
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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