Bank OZK (NASDAQ:OZK) Shares Up 4.3% Following Strong Earnings

Bank OZK (NASDAQ:OZK)’s share price rose 4.3% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $41.17 and last traded at $41.03. Approximately 717,494 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 1,452,926 shares. The stock had previously closed at $39.34.

The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. Bank OZK had a return on equity of 13.90% and a net margin of 25.83%. The business had revenue of $409.23 million for the quarter, compared to analyst estimates of $403.05 million. During the same quarter last year, the company earned $1.51 earnings per share.

Bank OZK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, April 14th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Monday, April 14th. This is an increase from Bank OZK’s previous quarterly dividend of $0.42. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.13%. Bank OZK’s payout ratio is 28.01%.

Analysts Set New Price Targets

OZK has been the topic of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of Bank OZK from $48.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Stephens raised their price objective on Bank OZK from $53.00 to $57.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Finally, Morgan Stanley lowered their price objective on Bank OZK from $58.00 to $54.00 and set an “equal weight” rating for the company in a research report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $49.38.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Cornerstone Wealth Management LLC increased its stake in Bank OZK by 11.8% during the first quarter. Cornerstone Wealth Management LLC now owns 5,624 shares of the company’s stock worth $244,000 after acquiring an additional 595 shares during the last quarter. Cardinal Capital Management grew its holdings in shares of Bank OZK by 3.5% during the 1st quarter. Cardinal Capital Management now owns 48,626 shares of the company’s stock worth $2,113,000 after purchasing an additional 1,627 shares during the period. Sowell Financial Services LLC acquired a new stake in Bank OZK during the 1st quarter worth approximately $357,000. Wealth Enhancement Advisory Services LLC raised its holdings in Bank OZK by 16.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 72,865 shares of the company’s stock valued at $3,166,000 after buying an additional 10,229 shares during the period. Finally, CX Institutional acquired a new position in Bank OZK during the first quarter valued at approximately $30,000. 86.18% of the stock is owned by hedge funds and other institutional investors.

Bank OZK Trading Up 5.8 %

The business’s 50-day simple moving average is $44.36 and its two-hundred day simple moving average is $45.80. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 6.78 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.02.

About Bank OZK

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.