Congress Asset Management Co. Buys 37,333 Shares of Bank OZK $OZK

Key Points

• Congress Asset Management increased its Bank OZK stake by 21.4% in the third quarter, acquiring 37,333 shares and bringing its holdings to 212,023 shares valued at approximately $9.75 million.
• Bank OZK reported quarterly earnings of $1.49 per share, slightly exceeding estimates, while revenue reached $430.02 million. The bank also authorized a $200 million share repurchase program.
• The company raised its quarterly dividend to $0.49 per share, implying a 4.5% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $54.57.

Congress Asset Management Co. raised its stake in Bank OZK (NASDAQ:OZK - Free Report) by 21.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,023 shares of the company's stock after acquiring an additional 37,333 shares during the quarter. Congress Asset Management Co. owned about 0.19% of Bank OZK worth $9,745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Bank OZK by 2.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,305 shares of the company's stock worth $537,000 after purchasing an additional 212 shares in the last quarter. Kera Capital Partners Inc. lifted its stake in shares of Bank OZK by 2.1% during the fourth quarter. Kera Capital Partners Inc. now owns 11,336 shares of the company's stock valued at $539,000 after acquiring an additional 236 shares during the period. Concurrent Investment Advisors LLC lifted its stake in shares of Bank OZK by 3.3% during the second quarter. Concurrent Investment Advisors LLC now owns 14,183 shares of the company's stock valued at $739,000 after acquiring an additional 450 shares during the period. Sigma Planning Corp boosted its holdings in Bank OZK by 6.6% in the second quarter. Sigma Planning Corp now owns 7,671 shares of the company's stock valued at $400,000 after acquiring an additional 472 shares during the last quarter. Finally, Villanova Investment Management Co LLC boosted its holdings in Bank OZK by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 126,297 shares of the company's stock valued at $5,812,000 after acquiring an additional 517 shares during the last quarter. 86.18% of the stock is owned by institutional investors.

Bank OZK Price Performance

OZK opened at $43.56 on Thursday. The stock has a market cap of $4.87 billion, a P/E ratio of 7.20 and a beta of 0.92. Bank OZK has a 12 month low of $42.37 and a 12 month high of $53.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $49.09 and a 200 day simple moving average of $48.92.

Bank OZK (NASDAQ:OZK - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.01. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.The firm 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 revenue for the quarter was up .5% on a year-over-year basis. On average, research analysts expect that Bank OZK will post 5.82 EPS for the current year.

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

Bank OZK Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 20th. Stockholders of record on Tuesday, October 13th will be issued a dividend of $0.49 per share. This is a boost from Bank OZK's previous quarterly dividend of $0.48. The ex-dividend date is Tuesday, October 13th. This represents a $1.96 annualized dividend and a dividend yield of 4.5%. Bank OZK's dividend payout ratio (DPR) is presently 31.74%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OZK. Wall Street Zen raised Bank OZK from a "sell" rating to a "hold" rating in a report on Sunday, September 27th. Citigroup reaffirmed a "sell" rating on shares of Bank OZK in a research note on Tuesday. UBS Group lifted their price target on shares of Bank OZK from $50.00 to $51.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. Zacks Research raised shares of Bank OZK from a "strong sell" rating to a "hold" rating in a research note on Friday, September 25th. Finally, Morgan Stanley increased their price objective on shares of Bank OZK from $56.00 to $57.00 and gave the company an "underweight" rating in a report on Monday, September 28th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Bank OZK presently has a consensus rating of "Hold" and an average price target of $54.57.

About Bank OZK

Bank OZK NASDAQ: OZK is a regional financial institution headquartered in Little Rock, Arkansas. The bank provides banking and financial services to individuals, businesses and institutions through a network of branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, and wealth management. Bank OZK also provides specialized lending through its Real Estate Specialties Group, which focuses on commercial real estate financing for projects in markets across the United States.

The company traces its origins to 1903, when it was founded as a community bank in Jasper, Arkansas.

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