Mirae Asset Global Investments Co. Ltd. Raises Position in Bank OZK $OZK

Key Points

• Mirae Asset Global Investments has increased its stake in Bank OZK by 11.8%, holding 96,138 shares worth approximately $4.5 million as of the latest SEC filing.
• Analysts are optimistic about Bank OZK, with several new price targets set, including a $67.00 target from TD Cowen and a $58.00 target from Raymond James Financial.
• The company will pay a quarterly dividend of $0.45 per share on October 21st, representing an increase from the previous dividend of $0.44.

Mirae Asset Global Investments Co. Ltd. grew its stake in Bank OZK (NASDAQ:OZK - Free Report) by 11.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,138 shares of the company's stock after purchasing an additional 10,159 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.08% of Bank OZK worth $4,524,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of OZK. National Bank of Canada FI lifted its position in Bank OZK by 12.8% in the first quarter. National Bank of Canada FI now owns 1,960 shares of the company's stock worth $85,000 after buying an additional 223 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Bank OZK by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 29,600 shares of the company's stock valued at $1,286,000 after acquiring an additional 300 shares during the period. BTC Capital Management Inc. raised its stake in shares of Bank OZK by 1.9% in the second quarter. BTC Capital Management Inc. now owns 16,838 shares of the company's stock valued at $791,000 after acquiring an additional 311 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Bank OZK by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 12,359 shares of the company's stock worth $536,000 after acquiring an additional 330 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Bank OZK by 2.9% during the 1st quarter. Voya Investment Management LLC now owns 13,282 shares of the company's stock worth $577,000 after purchasing an additional 374 shares during the period. Institutional investors own 86.18% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cowen started coverage on shares of Bank OZK in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Wells Fargo & Company raised their price target on Bank OZK from $49.00 to $50.00 and gave the stock an "equal weight" rating in a research note on Monday, September 29th. TD Cowen began coverage on Bank OZK in a research report on Thursday, September 25th. They issued a "buy" rating and a $67.00 price objective on the stock. National Bankshares set a $67.00 target price on Bank OZK in a research note on Wednesday, September 24th. Finally, Raymond James Financial raised shares of Bank OZK from a "market perform" rating to an "outperform" rating and set a $58.00 target price for the company in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $57.80.

Bank OZK Trading Up 0.8%

Shares of NASDAQ OZK opened at $51.66 on Tuesday. Bank OZK has a twelve month low of $35.71 and a twelve month high of $53.66. The firm has a market cap of $5.88 billion, a PE ratio of 8.39 and a beta of 0.88. The business has a fifty day simple moving average of $50.96 and a two-hundred day simple moving average of $47.32. 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 (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 the consensus estimate of $1.51 by $0.07. The firm 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 last year, the firm posted $1.52 earnings per share. Analysts expect that Bank OZK will post 6.02 earnings per share for the current fiscal year.

Bank OZK Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Tuesday, October 14th will be issued a dividend of $0.45 per share. This is an increase from Bank OZK's previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, October 14th. Bank OZK's dividend payout ratio (DPR) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.