Allspring Global Investments Holdings LLC Acquires 55,740 Shares of Bank OZK $OZK

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Bank OZK by 42.9%, acquiring an additional 55,740 shares, bringing its total ownership to 185,720 shares valued at approximately $9.09 million.
• Bank OZK's quarterly earnings report revealed an EPS of $1.59, falling short of the expected $1.66, although revenue slightly surpassed estimates at $449.94 million.
• The bank declared a quarterly dividend of $0.45 per share, increasing from the previous dividend of $0.44, representing a yield of 3.9%.

Allspring Global Investments Holdings LLC raised its stake in shares of Bank OZK (NASDAQ:OZK - Free Report) by 42.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 185,720 shares of the company's stock after acquiring an additional 55,740 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.16% of Bank OZK worth $9,093,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in Bank OZK by 17.9% in the 1st quarter. GAMMA Investing LLC now owns 5,608 shares of the company's stock worth $244,000 after purchasing an additional 850 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bank OZK by 16.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 72,865 shares of the company's stock worth $3,166,000 after acquiring an additional 10,229 shares during the period. Sowell Financial Services LLC bought a new stake in shares of Bank OZK in the first quarter worth $357,000. Cornerstone Wealth Management LLC increased its position in Bank OZK by 11.8% during the first quarter. Cornerstone Wealth Management LLC now owns 5,624 shares of the company's stock valued at $244,000 after acquiring an additional 595 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in Bank OZK by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 12,359 shares of the company's stock valued at $536,000 after acquiring an additional 330 shares during the last quarter. Hedge funds and other institutional investors own 86.18% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on OZK. Wells Fargo & Company raised their target price on Bank OZK from $49.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Monday, September 29th. Raymond James Financial upgraded shares of Bank OZK from a "market perform" rating to an "outperform" rating and set a $58.00 price objective on the stock in a research note on Tuesday, July 8th. TD Cowen began coverage on shares of Bank OZK in a research report on Thursday, September 25th. They set a "buy" rating and a $67.00 target price for the company. Morgan Stanley upped their target price on shares of Bank OZK from $55.00 to $63.00 and gave the company an "underperform" rating in a report on Monday, September 29th. Finally, Stephens upgraded shares of Bank OZK from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $58.00 to $65.00 in a research report on Wednesday, August 20th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Bank OZK has an average rating of "Hold" and an average target price of $57.22.

Bank OZK Trading Down 2.3%

Bank OZK stock opened at $45.96 on Friday. Bank OZK has a 12-month low of $35.71 and a 12-month high of $53.66. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 7.41 and a beta of 0.88. The firm has a 50 day moving average of $51.20 and a 200 day moving average of $47.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.23.

Bank OZK (NASDAQ:OZK - Get Free Report) last posted its quarterly earnings results on Thursday, October 16th. The company reported $1.59 earnings per share for the quarter, missing analysts' consensus estimates of $1.66 by ($0.07). The firm had revenue of $449.94 million during the quarter, compared to the consensus estimate of $447.93 million. Bank OZK had a return on equity of 13.16% and a net margin of 25.81%.During the same quarter in the previous year, the company earned $1.55 earnings per share. As a group, research analysts predict that Bank OZK will post 6.02 earnings per share for the current year.

Bank OZK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Tuesday, October 14th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, October 14th. This is a boost from Bank OZK's previous quarterly dividend of $0.44. Bank OZK's dividend payout ratio (DPR) is currently 29.22%.

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.

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