Bank OZK (NASDAQ:OZK) Trading 4.3% Higher After Strong Earnings

Shares of Bank OZK (NASDAQ:OZK) traded up 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. 717,494 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 1,452,926 shares. The stock had previously closed at $39.34.

The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.05. The company had revenue of $409.23 million for the quarter, compared to analysts’ expectations of $403.05 million. Bank OZK had a net margin of 25.83% and a return on equity of 13.90%. During the same period in the previous year, the company posted $1.51 EPS.

Bank OZK Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Stephens boosted their target price on Bank OZK from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company dropped their price objective on Bank OZK from $48.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, Morgan Stanley cut 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 investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.38.

Hedge Funds Weigh In On Bank OZK

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Bank OZK in the fourth quarter valued at $53,114,000. Wasatch Advisors LP grew its stake in Bank OZK by 19.3% in the 4th quarter. Wasatch Advisors LP now owns 7,102,657 shares of the company’s stock valued at $316,281,000 after acquiring an additional 1,149,880 shares during the last quarter. First Trust Advisors LP increased its holdings in Bank OZK by 30.4% during the 4th quarter. First Trust Advisors LP now owns 2,945,480 shares of the company’s stock valued at $131,162,000 after acquiring an additional 686,775 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Bank OZK during the fourth quarter worth about $14,077,000. Finally, AQR Capital Management LLC raised its position in Bank OZK by 12.6% during the fourth quarter. AQR Capital Management LLC now owns 2,811,354 shares of the company’s stock worth $125,190,000 after acquiring an additional 314,488 shares during the last quarter. 86.18% of the stock is owned by institutional investors and hedge funds.

Bank OZK Stock Up 5.8 %

The firm’s fifty day simple moving average is $44.36 and its 200-day simple moving average is $45.80. The company has a market cap of $4.72 billion, a PE ratio of 6.78 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.16.

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.