SummitTX Capital L.P. Takes Position in Bank OZK $OZK

Key Points

• SummitTX Capital acquired 60,870 Bank OZK shares worth approximately $2.8 million in the first quarter, while institutional investors collectively own 86.18% of the stock.
• Bank OZK reported quarterly EPS of $1.49, slightly exceeding analyst estimates, on revenue of $430.02 million. The bank also authorized a $200 million share-repurchase program and raised its quarterly dividend to $0.48, yielding about 3.7% annually.
• OZK shares recently traded at $51.50, while analysts maintain an overall “Hold” rating with an average price target of $56.38.

SummitTX Capital L.P. bought a new position in shares of Bank OZK (NASDAQ:OZK - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 60,870 shares of the company's stock, valued at approximately $2,793,000. SummitTX Capital L.P. owned 0.05% of Bank OZK at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OZK. V Square Quantitative Management LLC bought a new position in shares of Bank OZK in the 4th quarter valued at about $25,000. BOKF NA acquired a new position in shares of Bank OZK in the third quarter valued at approximately $27,000. Bayforest Capital Ltd boosted its stake in Bank OZK by 100.5% in the 4th quarter. Bayforest Capital Ltd now owns 766 shares of the company's stock worth $35,000 after purchasing an additional 384 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in shares of Bank OZK during the fourth quarter worth about $36,000. Finally, Transamerica Financial Advisors LLC boosted its stake in shares of Bank OZK by 111.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 830 shares of the company's stock worth $38,000 after buying an additional 437 shares during the last quarter. Institutional investors and hedge funds own 86.18% of the company's stock.

Bank OZK Stock Up 2.2%

Shares of NASDAQ OZK opened at $51.50 on Wednesday. Bank OZK has a one year low of $42.37 and a one year high of $53.66. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 1.00. The business's fifty day moving average price is $50.16 and its 200-day moving average price is $48.35. The stock has a market capitalization of $5.76 billion, a PE ratio of 8.51 and a beta of 0.89.

Bank OZK (NASDAQ:OZK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.49 EPS for the quarter, beating analysts' consensus estimates of $1.48 by $0.01. The company had revenue of $430.02 million for the quarter, compared to analysts' expectations of $436.42 million. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%. Bank OZK's revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.47 EPS. On average, equities research analysts anticipate that Bank OZK will post 5.88 EPS for the current year.

Bank OZK announced that its board has authorized a share repurchase plan on Monday, June 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Bank OZK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Monday, July 13th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, July 13th. This is an increase from Bank OZK's previous quarterly dividend of $0.47. Bank OZK's dividend payout ratio (DPR) is currently 31.74%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OZK. Weiss Ratings raised Bank OZK from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, June 23rd. Piper Sandler reiterated an "overweight" rating and issued a $61.00 target price on shares of Bank OZK in a research report on Wednesday, July 22nd. UBS Group lifted their price target on Bank OZK from $50.00 to $51.00 and gave the company a "neutral" rating in a research note on Tuesday. TD Cowen lowered their target price on Bank OZK from $53.00 to $52.00 and set a "hold" rating for the company in a research report on Friday, July 24th. Finally, Wells Fargo & Company lifted their target price on shares of Bank OZK from $50.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $56.38.

Bank OZK Profile

Bank OZK, formerly known as Bank of the Ozarks, is a regional commercial bank headquartered in Little Rock, Arkansas. Established in 1903, the bank offers a full suite of banking products and services to both individual and corporate clients. Through a combination of organic growth and targeted acquisitions, Bank OZK has built a diversified lending portfolio and a strong deposit franchise.

The bank's core operations focus on commercial real estate lending, including acquisition, development and construction financing.

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