Bank OZK (NASDAQ:OZK) Price Target Lowered to $52.00 at TD Cowen

Key Points

• TD Cowen lowered Bank OZK’s price target from $53 to $52 while keeping a hold rating, implying only modest upside from the prior close.
• Analyst views remain mixed overall: the stock’s consensus rating is Hold, with three Buy ratings, six Hold ratings, and one Sell rating, and an average price target of $56.
• Bank OZK recently beat EPS expectations for the quarter, and its board approved a $200 million share buyback, which would cover up to 3.4% of outstanding shares.

Bank OZK (NASDAQ:OZK - Get Free Report) had its price objective cut by analysts at TD Cowen from $53.00 to $52.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "hold" rating on the stock. TD Cowen's target price points to a potential upside of 3.56% from the company's previous close.

OZK has been the subject of a number of other research reports. Wells Fargo & Company lifted their target price on shares of Bank OZK from $50.00 to $52.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. UBS Group started coverage on Bank OZK in a report on Tuesday, April 7th. They set a "neutral" rating and a $48.00 price target for the company. Morgan Stanley lifted their price objective on Bank OZK from $54.00 to $56.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Weiss Ratings upgraded Bank OZK from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, June 23rd. Finally, Piper Sandler reissued an "overweight" rating and issued a $61.00 price objective on shares of Bank OZK in a research note on Wednesday. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $56.00.

Bank OZK Price Performance

Shares of Bank OZK stock traded up $0.09 during mid-day trading on Friday, reaching $50.21. 408,573 shares of the stock were exchanged, compared to its average volume of 1,280,835. Bank OZK has a fifty-two week low of $42.37 and a fifty-two week high of $53.66. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 8.30 and a beta of 0.89. The firm has a 50-day simple moving average of $49.93 and a 200 day simple moving average of $48.27. The company has a current ratio of 0.97, a quick ratio of 1.00 and a debt-to-equity ratio of 0.08.

Bank OZK (NASDAQ:OZK - Get Free Report) last released 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. The firm had revenue of $430.02 million for the quarter, compared to analyst estimates of $436.42 million. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%. The company's revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.47 earnings per share. On average, sell-side analysts predict that Bank OZK will post 5.98 EPS for the current fiscal year.

Bank OZK declared that its Board of Directors has approved a share buyback plan on Monday, June 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Bank OZK

A number of institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Bank OZK by 17.0% in the second quarter. GAMMA Investing LLC now owns 6,150 shares of the company's stock valued at $320,000 after acquiring an additional 895 shares during the last quarter. Bank of America Corp DE raised its holdings in Bank OZK by 33.0% during the 1st quarter. Bank of America Corp DE now owns 774,253 shares of the company's stock worth $35,530,000 after purchasing an additional 192,237 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Bank OZK by 65.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,300 shares of the company's stock worth $106,000 after purchasing an additional 913 shares during the last quarter. California State Teachers Retirement System lifted its position in Bank OZK by 31.4% during the 1st quarter. California State Teachers Retirement System now owns 133,186 shares of the company's stock valued at $6,112,000 after purchasing an additional 31,831 shares during the period. Finally, Readystate Asset Management LP acquired a new position in Bank OZK during the 1st quarter valued at about $755,000. Institutional investors own 86.18% of the company's stock.

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.

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