Morgan Stanley downgraded shares of Bank OZK (NASDAQ:OZK – Free Report) from an equal weight rating to an underweight rating in a research report sent to investors on Tuesday, Marketbeat.com reports. They currently have $56.00 price objective on the stock.
Several other research analysts have also recently issued reports on OZK. TD Cowen dropped their target price on shares of Bank OZK from $53.00 to $52.00 and set a “hold” rating on the stock in a report on Friday, July 24th. Zacks Research lowered shares of Bank OZK from a “hold” rating to a “strong sell” rating in a report on Thursday, August 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $61.00 price target on shares of Bank OZK in a research report on Wednesday, July 22nd. UBS Group increased their price objective on shares of Bank OZK from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Finally, Citigroup reissued a “sell” rating on shares of Bank OZK in a report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $56.88.
View Our Latest Stock Report on Bank OZK
Bank OZK Price Performance
Bank OZK (NASDAQ:OZK – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.49 EPS for the quarter, beating the consensus estimate of $1.48 by $0.01. The firm had revenue of $430.02 million for 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 business’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $1.47 earnings per share. On average, equities research analysts anticipate that Bank OZK will post 5.83 earnings per share for the current fiscal year.
Bank OZK Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Monday, July 13th were issued a $0.48 dividend. This is a boost from Bank OZK’s previous quarterly dividend of $0.47. This represents a $1.92 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Monday, July 13th. Bank OZK’s dividend payout ratio is presently 31.74%.
Bank OZK declared that its Board of Directors has approved a share buyback program on Monday, June 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
Institutional Trading of Bank OZK
A number of institutional investors have recently modified their holdings of the company. BOKF NA bought a new position in shares of Bank OZK during the 3rd quarter worth approximately $27,000. Eurizon Capital SGR S.p.A. acquired a new stake in Bank OZK in the fourth quarter valued at approximately $36,000. Transamerica Financial Advisors LLC boosted its stake in Bank OZK by 111.2% in the fourth quarter. Transamerica Financial Advisors LLC now owns 830 shares of the company’s stock valued at $38,000 after acquiring an additional 437 shares in the last quarter. IFP Advisors Inc grew its holdings in Bank OZK by 1,307.5% in the second quarter. IFP Advisors Inc now owns 746 shares of the company’s stock worth $39,000 after purchasing an additional 693 shares during the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in Bank OZK in the fourth quarter worth $47,000. 86.18% of the stock is currently owned by institutional investors.
Bank OZK Company 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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