Bank OZK (NASDAQ:OZK) Shares Gap Up on Better-Than-Expected Earnings

Bank OZK (NASDAQ:OZK)’s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.34, but opened at $47.97. Bank OZK shares last traded at $48.35, with a volume of 690,331 shares traded.

The company reported $1.56 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.12. Bank OZK had a return on equity of 14.15% and a net margin of 26.07%. The business had revenue of $412.34 million for the quarter, compared to analyst estimates of $407.19 million. During the same quarter in the previous year, the company posted $1.50 EPS. Bank OZK’s quarterly revenue was up 1.2% compared to the same quarter last year.

Bank OZK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, January 14th will be issued a dividend of $0.42 per share. This is a boost from Bank OZK’s previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Tuesday, January 14th. Bank OZK’s payout ratio is 26.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Truist Financial cut their target price on shares of Bank OZK from $48.00 to $46.00 and set a “hold” rating on the stock in a research report on Monday, October 21st. Wells Fargo & Company lifted their price target on shares of Bank OZK from $35.00 to $40.00 and gave the stock an “underweight” rating in a report on Tuesday, December 3rd. Piper Sandler increased their price objective on Bank OZK from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, October 18th. UBS Group initiated coverage on Bank OZK in a report on Tuesday, December 17th. They set a “neutral” rating and a $51.00 target price on the stock. Finally, Stephens increased their price target on Bank OZK from $48.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $48.25.

Institutional Trading of Bank OZK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assetmark Inc. grew its stake in Bank OZK by 73.8% in the third quarter. Assetmark Inc. now owns 968 shares of the company’s stock valued at $42,000 after acquiring an additional 411 shares during the period. American National Bank & Trust acquired a new stake in Bank OZK in the 3rd quarter valued at $44,000. Abich Financial Wealth Management LLC bought a new stake in Bank OZK during the 2nd quarter valued at $49,000. Capital Performance Advisors LLP acquired a new position in Bank OZK during the third quarter worth $61,000. Finally, Venturi Wealth Management LLC lifted its stake in shares of Bank OZK by 424.8% in the third quarter. Venturi Wealth Management LLC now owns 1,590 shares of the company’s stock valued at $68,000 after buying an additional 1,287 shares in the last quarter. 86.18% of the stock is owned by institutional investors.

Bank OZK Price Performance

The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. The business’s fifty day moving average price is $46.35 and its 200-day moving average price is $44.14. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 7.93 and a beta of 1.20.

Bank OZK Company Profile

Bank OZK provides various retail and commercial banking services for individuals and businesses in the United States. The company offers deposit services, including non-interest bearing checking, interest bearing transaction, business sweep, savings, money market, individual retirement, and other accounts, as well as time and reciprocal deposits.