Arrowstreet Capital Limited Partnership Reduces Holdings in Bank OZK $OZK

Key Points

• Arrowstreet Capital reduced its Bank OZK stake by 10.7% in the first quarter, selling 70,381 shares and retaining 588,185 shares worth approximately $27.0 million. Institutional investors collectively own 86.18% of the company.
• Bank OZK reported quarterly EPS of $1.49, narrowly beating estimates, while revenue reached $430.02 million. The bank also authorized a $200 million share repurchase program and raised its quarterly dividend to $0.48, producing a 3.7% annualized yield.
• Analyst sentiment remains mixed, with ratings ranging from sell to overweight; the consensus rating is “Hold” and the average price target is $56.38, compared with a reported share price of $51.55.

Arrowstreet Capital Limited Partnership decreased its position in shares of Bank OZK (NASDAQ:OZK - Free Report) by 10.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 588,185 shares of the company's stock after selling 70,381 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.53% of Bank OZK worth $26,992,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in OZK. Royal Bank of Canada grew its stake in Bank OZK by 37.8% in the 1st quarter. Royal Bank of Canada now owns 41,257 shares of the company's stock valued at $1,792,000 after buying an additional 11,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Bank OZK by 14.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,690 shares of the company's stock worth $2,029,000 after buying an additional 5,717 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Bank OZK by 1.8% in the first quarter. Empowered Funds LLC now owns 60,037 shares of the company's stock worth $2,609,000 after buying an additional 1,058 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Bank OZK by 8.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 349,749 shares of the company's stock valued at $15,197,000 after acquiring an additional 26,676 shares during the period. Finally, Focus Partners Wealth lifted its stake in Bank OZK by 11.0% in the 1st quarter. Focus Partners Wealth now owns 17,711 shares of the company's stock worth $770,000 after purchasing an additional 1,756 shares in the last quarter. Hedge funds and other institutional investors own 86.18% of the company's stock.

Bank OZK Stock Performance

Shares of OZK stock opened at $51.55 on Thursday. 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 has a fifty-two week low of $42.37 and a fifty-two week high of $53.66. The stock has a 50 day moving average price of $50.22 and a two-hundred day moving average price of $48.37. The company has a market capitalization of $5.77 billion, a P/E ratio of 8.52 and a beta of 0.89.

Bank OZK (NASDAQ:OZK - Get Free Report) last issued its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.01. The firm had revenue of $430.02 million for the quarter, compared to analysts' expectations of $436.42 million. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%. The business's revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $1.47 earnings per share. Analysts expect that Bank OZK will post 5.88 earnings per share for the current year.

Bank OZK declared that its Board of Directors has approved a stock buyback program on Monday, June 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Bank OZK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Monday, July 13th were issued a $0.48 dividend. This is an increase from Bank OZK's previous quarterly dividend of $0.47. The ex-dividend date was Monday, July 13th. This represents a $1.92 annualized dividend and a yield of 3.7%. Bank OZK's dividend payout ratio (DPR) is 31.74%.

Analysts Set New Price Targets

OZK has been the subject of several research analyst reports. Piper Sandler reissued an "overweight" rating and set a $61.00 price objective on shares of Bank OZK in a research note on Wednesday, July 22nd. Wall Street Zen cut Bank OZK from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Morgan Stanley lifted their price target 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. UBS Group lifted their target price on shares of Bank OZK from $50.00 to $51.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, TD Cowen cut their price target on shares of Bank OZK from $53.00 to $52.00 and set a "hold" rating for the company in a research note on Friday, July 24th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $56.38.

Bank OZK 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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