Wasatch Advisors LP Has $244.58 Million Stock Holdings in Bank OZK $OZK

Key Points

• Wasatch Advisors reduced its Bank OZK stake by 23.4% in the second quarter, selling 1.43 million shares. It still held 4.70 million shares worth approximately $244.6 million, representing 4.2% of the bank.
• Bank OZK reported quarterly earnings of $1.49 per share, slightly exceeding analyst estimates, while revenue reached $430.0 million. The board also authorized a $200 million share buyback program.
• The bank increased its quarterly dividend to $0.48 per share, implying a 3.7% annual yield. Analysts maintain a consensus “Hold” rating with a $56.88 target price, compared with a share price of $51.87.

Wasatch Advisors LP decreased its holdings in shares of Bank OZK (NASDAQ:OZK - Free Report) by 23.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,695,376 shares of the company's stock after selling 1,431,022 shares during the period. Bank OZK accounts for about 1.6% of Wasatch Advisors LP's portfolio, making the stock its 14th biggest position. Wasatch Advisors LP owned 4.20% of Bank OZK worth $244,582,000 at the end of the most recent quarter.

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

Bank OZK Stock Performance

Shares of OZK opened at $51.87 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.00 and a current ratio of 0.97. The stock has a 50 day moving average price of $50.83 and a two-hundred day moving average price of $48.60. The firm has a market capitalization of $5.80 billion, a P/E ratio of 8.57 and a beta of 0.89. Bank OZK has a 52 week low of $42.37 and a 52 week high of $53.66.

Bank OZK (NASDAQ:OZK - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share 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 analyst estimates of $436.42 million. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.The company's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the company earned $1.47 earnings per share. Equities analysts forecast that Bank OZK will post 5.88 earnings per share for the current fiscal year.

Bank OZK announced that its board has initiated a stock buyback program on Monday, June 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Bank OZK Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OZK shares. TD Cowen cut their target price on shares of Bank OZK from $53.00 to $52.00 and set a "hold" rating on the stock in a research note on Friday, July 24th. Wells Fargo & Company upped their target price on Bank OZK from $52.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Monday. UBS Group increased their target price on Bank OZK from $50.00 to $51.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Piper Sandler restated an "overweight" rating and set a $61.00 price target on shares of Bank OZK in a research note on Wednesday, July 22nd. Finally, Weiss Ratings upgraded shares of Bank OZK from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, June 23rd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $56.88.

Bank OZK Company 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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