Element Capital Management LLC Purchases New Holdings in Bank OZK $OZK

Key Points

• Element Capital Management LLC acquired a position in Bank OZK, purchasing 60,072 shares valued at approximately $2.61 million, representing about 0.05% ownership by the end of the quarter.
• Bank OZK raised its quarterly dividend from $0.43 to $0.44, indicating a positive change and resulting in an annualized yield of 3.6%.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and an average target price around $52.88, reflecting varying expectations for future performance.

Element Capital Management LLC bought a new position in shares of Bank OZK (NASDAQ:OZK - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 60,072 shares of the company's stock, valued at approximately $2,610,000. Element Capital Management LLC owned approximately 0.05% of Bank OZK at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OZK. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Bank OZK by 4.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 23,693 shares of the company's stock valued at $1,029,000 after purchasing an additional 1,086 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Bank OZK by 55.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 129,980 shares of the company's stock worth $5,639,000 after buying an additional 46,349 shares during the period. Bank of New York Mellon Corp lifted its stake in Bank OZK by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 1,127,576 shares of the company's stock valued at $48,993,000 after buying an additional 23,492 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Bank OZK by 13.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,614 shares of the company's stock valued at $287,000 after buying an additional 782 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of Bank OZK by 5,021.2% in the first quarter. GAMMA Investing LLC now owns 243,668 shares of the company's stock valued at $10,587,000 after buying an additional 238,910 shares during the period. 86.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on OZK shares. Wells Fargo & Company boosted their price objective on shares of Bank OZK from $48.00 to $49.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Raymond James Financial upgraded Bank OZK from a "market perform" rating to an "outperform" rating and set a $58.00 price target on the stock in a report on Tuesday, July 8th. Finally, Stephens raised 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. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Bank OZK has an average rating of "Hold" and a consensus target price of $54.25.

Bank OZK Stock Down 0.1%

NASDAQ OZK traded down $0.0450 during trading hours on Thursday, hitting $50.0150. 95,187 shares of the company traded hands, compared to its average volume of 1,179,874. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.02 and a current ratio of 1.04. The business's 50-day moving average is $49.17 and its 200-day moving average is $46.41. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 8.12 and a beta of 0.86. Bank OZK has a twelve month low of $35.71 and a twelve month high of $53.64.

Bank OZK (NASDAQ:OZK - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.51 by $0.07. Bank OZK had a net margin of 25.83% and a return on equity of 13.24%. The firm had revenue of $428.04 million during the quarter, compared to analysts' expectations of $423.41 million. During the same quarter last year, the company posted $1.52 earnings per share. Sell-side analysts anticipate that Bank OZK will post 6.02 earnings per share for the current year.

Bank OZK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Friday, July 11th were issued 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 3.5%. This is a positive change from Bank OZK's previous quarterly dividend of $0.43. Bank OZK's payout ratio is currently 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.