Bank OZK (NASDAQ:OZK) Given New $52.00 Price Target at TD Cowen

Bank OZK (NASDAQ:OZK) had its price target cut by TD Cowen from $53.00 to $52.00 in a report issued on Friday,Benzinga reports. They currently have a hold rating on the stock.

Other research analysts have also issued reports about the company. Weiss Ratings raised Bank OZK from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, June 23rd. Wells Fargo & Company increased their price target on shares of Bank OZK from $50.00 to $52.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. UBS Group assumed coverage on Bank OZK in a research note on Tuesday, April 7th. They issued a “neutral” rating and a $48.00 price target for the company. Piper Sandler reissued an “overweight” rating and issued a $61.00 price objective on shares of Bank OZK in a report on Wednesday. Finally, Wall Street Zen raised Bank OZK from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $56.00.

Bank OZK Stock Performance

Shares of OZK stock opened at $50.33 on Friday. The company has a market capitalization of $5.63 billion, a P/E ratio of 8.32 and a beta of 0.89. Bank OZK has a 52 week low of $42.37 and a 52 week high of $53.66. The company’s 50 day moving average price is $50.01 and its two-hundred day moving average price is $48.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.00 and a current ratio of 0.97.

Bank OZK (NASDAQ:OZK) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.The company had revenue of $430.02 million for the quarter, compared to analyst estimates of $436.42 million. During the same period in the previous year, the company posted $1.47 earnings per share. The company’s quarterly revenue was up .5% compared to the same quarter last year. On average, analysts expect that Bank OZK will post 5.97 earnings per share for the current fiscal year.

Bank OZK announced that its board has approved a stock repurchase program on Monday, June 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Bank OZK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Monday, July 13th were issued a $0.48 dividend. This is a boost from Bank OZK’s previous quarterly dividend of $0.47. The ex-dividend date was Monday, July 13th. This represents a $1.92 dividend on an annualized basis and a yield of 3.8%. Bank OZK’s dividend payout ratio (DPR) is 31.74%.

Hedge Funds Weigh In On Bank OZK

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new stake in Bank OZK in the fourth quarter valued at $25,000. BOKF NA bought a new stake in Bank OZK in the 3rd quarter valued at about $27,000. Bayforest Capital Ltd increased its position in Bank OZK by 100.5% in the 4th quarter. Bayforest Capital Ltd now owns 766 shares of the company’s stock valued at $35,000 after buying an additional 384 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Bank OZK during the 4th quarter worth approximately $36,000. Finally, Transamerica Financial Advisors LLC raised its stake in Bank OZK by 111.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 830 shares of the company’s stock worth $38,000 after buying an additional 437 shares during the period. 86.18% of the stock is currently owned by institutional investors and hedge funds.

Bank OZK Company Profile

Bank OZK, formerly known as Bank of the Ozarks, is a regional commercial bank headquartered in Little Rock, Arkansas. Established in 1903, the bank offers a full suite of banking products and services to both individual and corporate clients. Through a combination of organic growth and targeted acquisitions, Bank OZK has built a diversified lending portfolio and a strong deposit franchise.

The bank’s core operations focus on commercial real estate lending, including acquisition, development and construction financing.