Bank OZK (NASDAQ:OZK) Issues Quarterly Earnings Results

Bank OZK (NASDAQ:OZK) announced its quarterly earnings results on Tuesday. The company reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.07, Zacks reports. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%.

Bank OZK Stock Up 2.1%

OZK stock traded up $0.97 during midday trading on Tuesday, reaching $46.16. 2,113,105 shares of the company’s stock traded hands, compared to its average volume of 1,282,251. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 7.63 and a beta of 0.92. The firm’s fifty day moving average price is $48.08 and its 200-day moving average price is $48.94. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.08. Bank OZK has a 52 week low of $42.37 and a 52 week high of $53.39.

Bank OZK Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Investors of record on Tuesday, October 13th will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Tuesday, October 13th. This is a positive change from Bank OZK’s previous quarterly dividend of $0.48. Bank OZK’s dividend payout ratio is presently 32.40%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OZK shares. Weiss Ratings lowered Bank OZK from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Raymond James Financial assumed coverage on Bank OZK in a research report on Tuesday, September 1st. They issued a “market perform” rating on the stock. Piper Sandler reiterated an “overweight” rating and issued a $61.00 price target on shares of Bank OZK in a research report on Wednesday, July 22nd. Citigroup reissued a “sell” rating on shares of Bank OZK in a research note on Tuesday, October 6th. Finally, UBS Group increased 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, July 28th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Bank OZK has a consensus rating of “Hold” and a consensus target price of $55.33.

Bank OZK announced that its board has approved a stock buyback plan on Monday, June 29th that permits the company to repurchase $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.4% of its shares through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Bank OZK Company Profile

Bank OZK (NASDAQ:OZK) is a regional financial institution headquartered in Little Rock, Arkansas. The company provides banking services to individuals, businesses and institutions, including deposit accounts, commercial and consumer loans, mortgage lending, treasury management and online and mobile banking.

Bank OZK also operates specialized lending businesses, including its Real Estate Specialties Group, which provides financing for commercial real estate development and other complex real estate projects.