Bank OZK (NASDAQ:OZK) Releases Quarterly Earnings Results

Key Points

• Bank OZK reported $1.59 earnings per share for the quarter, missing analyst estimates by $0.08.
• The company announced a dividend increase to $0.45 per share, translating to an annual yield of 3.8%.
• Analysts have set a consensus target price of $57.80 for Bank OZK, with six analysts rating it as a Buy.

Bank OZK (NASDAQ:OZK - Get Free Report) released its quarterly earnings data on Thursday. The company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.07), Zacks reports. Bank OZK had a net margin of 25.83% and a return on equity of 13.24%. During the same quarter last year, the company earned $1.55 earnings per share.

Bank OZK Stock Down 6.9%

NASDAQ OZK traded down $3.48 during mid-day trading on Thursday, hitting $47.02. The company's stock had a trading volume of 2,128,897 shares, compared to its average volume of 1,047,534. The company's 50 day simple moving average is $51.24 and its 200 day simple moving average is $47.60. Bank OZK has a twelve month low of $35.71 and a twelve month high of $53.66. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $5.35 billion, a price-to-earnings ratio of 7.63 and a beta of 0.88.

Bank OZK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Tuesday, October 14th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, October 14th. This is an increase from Bank OZK's previous quarterly dividend of $0.44. Bank OZK's payout ratio is 29.22%.

Institutional Investors Weigh In On Bank OZK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fairholme Capital Management LLC increased its position in shares of Bank OZK by 45.1% during the second quarter. Fairholme Capital Management LLC now owns 916,752 shares of the company's stock valued at $43,142,000 after buying an additional 285,150 shares during the period. Balyasny Asset Management L.P. lifted its position in Bank OZK by 36.7% in the second quarter. Balyasny Asset Management L.P. now owns 793,797 shares of the company's stock valued at $37,356,000 after purchasing an additional 213,101 shares during the last quarter. Quantinno Capital Management LP lifted its position in Bank OZK by 60.5% in the second quarter. Quantinno Capital Management LP now owns 556,841 shares of the company's stock valued at $26,205,000 after purchasing an additional 209,970 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Bank OZK by 80.1% during the second quarter. Alliancebernstein L.P. now owns 274,217 shares of the company's stock valued at $12,905,000 after acquiring an additional 121,981 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in shares of Bank OZK by 74.7% during the second quarter. Treasurer of the State of North Carolina now owns 140,842 shares of the company's stock valued at $6,628,000 after acquiring an additional 60,216 shares in the last quarter. 86.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OZK has been the topic of several research reports. Stephens raised shares of Bank OZK from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $58.00 to $65.00 in a research report on Wednesday, August 20th. Cowen began coverage on shares of Bank OZK in a report on Wednesday, September 24th. They issued a "buy" rating for the company. TD Cowen began coverage on shares of Bank OZK in a report on Thursday, September 25th. They issued a "buy" rating and a $67.00 target price for the company. Weiss Ratings reissued a "buy (b)" rating on shares of Bank OZK in a report on Wednesday, October 8th. Finally, National Bankshares set a $67.00 target price on shares of Bank OZK in a report on Wednesday, September 24th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $57.80.

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.