Bank OZK (NASDAQ:OZK) Given New $50.00 Price Target at TD Cowen

Bank OZK (NASDAQ:OZK) had its price objective reduced by TD Cowen from $52.00 to $50.00 in a report issued on Monday,Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts have also weighed in on the stock. UBS Group raised their price target on shares of Bank OZK from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. Piper Sandler reaffirmed an “overweight” rating and set a $61.00 price objective on shares of Bank OZK in a report on Wednesday, July 22nd. Morgan Stanley increased their price objective on Bank OZK from $56.00 to $57.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Citigroup reissued a “sell” rating on shares of Bank OZK in a research note on Monday, August 17th. Finally, Wells Fargo & Company dropped their target price on Bank OZK from $56.00 to $51.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 29th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.57.

Bank OZK Stock Down 0.3%

Shares of NASDAQ:OZK opened at $46.59 on Monday. Bank OZK has a 12 month low of $42.37 and a 12 month high of $53.39. The company’s 50-day moving average price is $49.39 and its two-hundred day moving average price is $48.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The firm has a market cap of $5.21 billion, a P/E ratio of 7.70 and a beta of 0.92.

Bank OZK (NASDAQ:OZK) last announced its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share for the quarter, topping 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 company had revenue of $430.02 million during the quarter, compared to the consensus estimate of $436.42 million. During the same period in the previous year, the firm posted $1.47 earnings per share. The company’s revenue was up .5% on a year-over-year basis. As a group, research analysts forecast that Bank OZK will post 5.82 EPS for the current fiscal year.

Bank OZK declared that its Board of Directors has authorized a stock buyback plan on Monday, June 29th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Bank OZK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Tuesday, October 13th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.2%. This is a positive change from Bank OZK’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Tuesday, October 13th. Bank OZK’s payout ratio is presently 31.74%.

Hedge Funds Weigh In On Bank OZK

Hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of Bank OZK by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,625,660 shares of the company’s stock valued at $304,045,000 after purchasing an additional 38,592 shares during the period. First Trust Advisors LP boosted its position in shares of Bank OZK by 4.6% in the 1st quarter. First Trust Advisors LP now owns 3,036,101 shares of the company’s stock worth $139,327,000 after purchasing an additional 134,490 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Bank OZK during the second quarter worth $63,410,000. Norges Bank acquired a new stake in shares of Bank OZK during the fourth quarter worth $59,809,000. Finally, Quantinno Capital Management LP increased its holdings in Bank OZK by 41.7% in the first quarter. Quantinno Capital Management LP now owns 929,888 shares of the company’s stock valued at $42,673,000 after purchasing an additional 273,543 shares during the last quarter. 86.18% of the stock is owned by institutional investors.

Bank OZK Company Profile

Bank OZK (NASDAQ:OZK) is a regional financial institution headquartered in Little Rock, Arkansas. The bank provides banking and financial services to individuals, businesses and institutions through a network of branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, and wealth management. Bank OZK also provides specialized lending through its Real Estate Specialties Group, which focuses on commercial real estate financing for projects in markets across the United States.

The company traces its origins to 1903, when it was founded as a community bank in Jasper, Arkansas.