Great Lakes Advisors LLC Sells 12,617 Shares of Bank OZK $OZK

Key Points

• Great Lakes Advisors LLC reduced its stake in Bank OZK by 8.6%, selling 12,617 shares, resulting in ownership of 134,044 shares valued at approximately $5.82 million.
• Bank OZK has recently increased its quarterly dividend to $0.44 per share, representing an annual yield of 3.4% with a payout ratio of 28.57%.
• Analyst ratings for Bank OZK have been largely positive, with price targets raised by firms including Wells Fargo and Stephens, indicating a consensus price target of $54.25.

Great Lakes Advisors LLC reduced its stake in Bank OZK (NASDAQ:OZK - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 134,044 shares of the company's stock after selling 12,617 shares during the period. Great Lakes Advisors LLC owned approximately 0.12% of Bank OZK worth $5,824,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. CX Institutional purchased a new position in shares of Bank OZK in the first quarter valued at $30,000. Summit Securities Group LLC purchased a new stake in Bank OZK in the 1st quarter worth about $32,000. Bruce G. Allen Investments LLC grew its holdings in Bank OZK by 4,828.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,035 shares of the company's stock valued at $45,000 after buying an additional 1,014 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of Bank OZK by 1,114.3% during the 1st quarter. Brooklyn Investment Group now owns 1,105 shares of the company's stock worth $48,000 after buying an additional 1,014 shares during the period. Finally, UMB Bank n.a. raised its position in Bank OZK by 2,014.3% in the 1st quarter. UMB Bank n.a. now owns 1,480 shares of the company's stock valued at $64,000 after purchasing an additional 1,410 shares during the last quarter. 86.18% of the stock is currently owned by hedge funds and other institutional investors.

Bank OZK Stock Down 0.6%

Shares of NASDAQ:OZK traded down $0.31 during trading hours on Friday, hitting $52.19. The company's stock had a trading volume of 470,019 shares, compared to its average volume of 730,635. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 8.47 and a beta of 0.92. Bank OZK has a 52 week low of $35.71 and a 52 week high of $53.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. The firm's fifty day moving average price is $50.99 and its 200 day moving average price is $46.58.

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 company had revenue of $428.04 million during the quarter, compared to analysts' expectations of $423.41 million. Bank OZK had a net margin of 25.83% and a return on equity of 13.24%. During the same period in the prior year, the business posted $1.52 earnings per share. As a group, research analysts expect that Bank OZK will post 6.02 EPS 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 given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.4%. This is a positive change from Bank OZK's previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Friday, July 11th. Bank OZK's dividend payout ratio is 28.57%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OZK. Stephens upgraded Bank OZK from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $58.00 to $65.00 in a report on Wednesday, August 20th. Wells Fargo & Company raised their target price on Bank OZK from $48.00 to $49.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Raymond James Financial raised shares of 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. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $54.25.

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.