Congress Asset Management Co. Raises Stock Position in Bank OZK $OZK

Key Points

• Congress Asset Management Co. increased its position in Bank OZK by 37.4%, owning 85,702 shares worth approximately $4.03 million after acquiring an additional 23,350 shares.
• Wall Street analysts have generally favorable views on Bank OZK, with five rating it as a Buy and an average price target of $56.80.
• Bank OZK recently declared a quarterly dividend of $0.44, marking a rise from the previous dividend and providing a yield of 3.4%.

Congress Asset Management Co. raised its position in Bank OZK (NASDAQ:OZK - Free Report) by 37.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,702 shares of the company's stock after purchasing an additional 23,350 shares during the quarter. Congress Asset Management Co. owned about 0.08% of Bank OZK worth $4,033,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Bank OZK by 12.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 62,636 shares of the company's stock valued at $2,789,000 after acquiring an additional 6,725 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Bank OZK by 176.8% in the 1st quarter. Versant Capital Management Inc now owns 2,242 shares of the company's stock valued at $97,000 after purchasing an additional 1,432 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Bank OZK by 5,021.2% during the 1st quarter. GAMMA Investing LLC now owns 243,668 shares of the company's stock worth $10,587,000 after purchasing an additional 238,910 shares during the period. BTC Capital Management Inc. increased its position in shares of Bank OZK by 55.2% during the 1st quarter. BTC Capital Management Inc. now owns 16,527 shares of the company's stock worth $718,000 after purchasing an additional 5,880 shares during the last quarter. Finally, American National Bank & Trust raised its holdings in Bank OZK by 830.2% in the 1st quarter. American National Bank & Trust now owns 8,111 shares of the company's stock valued at $352,000 after buying an additional 7,239 shares during the period. Institutional investors and hedge funds own 86.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Cowen started coverage on shares of Bank OZK in a research note on Wednesday. They set a "buy" rating for the company. Stephens upgraded 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 report on Wednesday, August 20th. Wells Fargo & Company lifted their target price on shares of Bank OZK from $48.00 to $49.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. TD Cowen began coverage on Bank OZK in a research note on Thursday. They set a "buy" rating and a $67.00 price target on the stock. Finally, National Bankshares set a $67.00 price objective on Bank OZK in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank OZK currently has an average rating of "Moderate Buy" and an average target price of $56.80.

Bank OZK Price Performance

Bank OZK stock opened at $52.01 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. Bank OZK has a 52-week low of $35.71 and a 52-week high of $53.66. The firm has a market cap of $5.92 billion, a PE ratio of 8.44 and a beta of 0.92. The company's 50 day moving average is $51.06 and its two-hundred day moving average is $47.00.

Bank OZK (NASDAQ:OZK - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.51 by $0.07. The business had revenue of $428.04 million for the quarter, compared to analyst estimates of $423.41 million. Bank OZK had a return on equity of 13.24% and a net margin of 25.83%.During the same quarter in the prior year, the company earned $1.52 earnings per share. On average, research analysts expect that Bank OZK will post 6.02 EPS for the current fiscal year.

Bank OZK Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Friday, July 11th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $1.76 dividend on an annualized basis and a yield of 3.4%. This is an increase from Bank OZK's previous quarterly dividend of $0.43. Bank OZK's dividend payout ratio is 28.57%.

Bank OZK Company Profile

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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