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

Bank OZK (NASDAQ:OZK)’s share price gapped up prior to trading on Friday following a better than expected earnings announcement. 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.

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

Bank OZK Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Tuesday, January 14th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Tuesday, January 14th. This is a boost from Bank OZK’s previous quarterly dividend of $0.41. Bank OZK’s dividend payout ratio is 26.97%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OZK. Truist Financial dropped their price target on Bank OZK from $48.00 to $46.00 and set a “hold” rating for the company in a research note on Monday, October 21st. Piper Sandler lifted 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. Wells Fargo & Company raised their target price on shares of Bank OZK from $35.00 to $40.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. Stephens reaffirmed an “equal weight” rating and issued a $53.00 price target on shares of Bank OZK in a research report on Friday. Finally, UBS Group began coverage on shares of Bank OZK in a report on Tuesday, December 17th. They set a “neutral” rating and a $51.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.50.

Hedge Funds Weigh In On Bank OZK

A number of hedge funds and other institutional investors have recently bought and sold shares of OZK. Assetmark Inc. lifted its stake in Bank OZK by 73.8% during the third quarter. Assetmark Inc. now owns 968 shares of the company’s stock worth $42,000 after purchasing an additional 411 shares during the last quarter. American National Bank & Trust purchased a new stake in shares of Bank OZK during the 3rd quarter worth approximately $44,000. Abich Financial Wealth Management LLC acquired a new position in shares of Bank OZK in the 2nd quarter valued at $49,000. Capital Performance Advisors LLP purchased a new position in shares of Bank OZK in the 3rd quarter valued at $61,000. Finally, Venturi Wealth Management LLC lifted its position in 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 acquiring an additional 1,287 shares during the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.

Bank OZK Stock Up 9.7 %

The company has a market cap of $5.64 billion, a price-to-earnings ratio of 8.18 and a beta of 1.20. 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 firm’s 50 day simple moving average is $46.42 and its 200-day simple moving average is $44.22.

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.