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

Bank OZK (NASDAQ:OZK)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. 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 EPS for the quarter, beating the consensus estimate of $1.44 by $0.12. Bank OZK had a net margin of 26.07% and a return on equity of 14.15%. The company had revenue of $412.34 million during the quarter, compared to the consensus estimate of $407.19 million. During the same quarter in the prior year, the company posted $1.50 earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis.

Bank OZK Increases Dividend

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Bank OZK

A number of large investors have recently made changes to their positions in the stock. Assetmark Inc. raised its stake in shares of Bank OZK by 73.8% during the 3rd quarter. Assetmark Inc. now owns 968 shares of the company’s stock valued at $42,000 after purchasing an additional 411 shares during the period. American National Bank & Trust purchased a new position in Bank OZK during the 3rd quarter valued at about $44,000. Abich Financial Wealth Management LLC bought a new stake in shares of Bank OZK during the second quarter valued at about $49,000. Capital Performance Advisors LLP purchased a new stake in shares of Bank OZK in the third quarter worth about $61,000. Finally, Venturi Wealth Management LLC lifted its holdings 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 worth $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 business’s 50-day moving average price is $46.35 and its 200 day moving average price is $44.14. The company has a market capitalization of $5.47 billion, a P/E ratio of 7.93 and a beta of 1.20. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.12.

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.