TD Cowen Cuts Bank OZK (NASDAQ:OZK) Price Target to $50.00

Bank OZK (NASDAQ:OZK) had its target price trimmed by TD Cowen from $52.00 to $50.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts have also recently weighed in on OZK. Raymond James Financial initiated coverage on shares of Bank OZK in a research note on Tuesday, September 1st. They issued a “market perform” rating on the stock. Weiss Ratings lowered shares of Bank OZK from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 2nd. Zacks Research raised shares of Bank OZK from a “strong sell” rating to a “hold” rating in a report on Friday, September 25th. Wells Fargo & Company lowered their price target on shares of Bank OZK from $56.00 to $51.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 29th. Finally, Morgan Stanley upped their price objective on Bank OZK from $56.00 to $57.00 and gave the company an “underweight” rating in a research note on Monday, September 28th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Bank OZK presently has a consensus rating of “Hold” and an average price target of $54.57.

Bank OZK Trading Down 2.3%

NASDAQ OZK opened at $43.56 on Monday. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of 7.20 and a beta of 0.92. Bank OZK has a one year low of $42.37 and a one year high of $53.39. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.97. The business’s fifty day moving average is $49.09 and its 200-day moving average is $48.92.

Bank OZK (NASDAQ:OZK) last posted its quarterly earnings results on Tuesday, July 21st. The company reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.01. Bank OZK had a net margin of 24.95% and a return on equity of 11.87%. The company had revenue of $430.02 million during the quarter, compared to analyst estimates of $436.42 million. During the same quarter in the prior year, the business earned $1.47 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts predict that Bank OZK will post 5.82 EPS for the current year.

Bank OZK Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 20th. Shareholders of record on Tuesday, October 13th will be given a dividend of $0.49 per share. This is a boost from Bank OZK’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Tuesday, October 13th. Bank OZK’s dividend payout ratio (DPR) is 31.74%.

Bank OZK declared that its Board of Directors has authorized a share repurchase program on Monday, June 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Bank OZK

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in Bank OZK by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,625,660 shares of the company’s stock worth $304,045,000 after buying an additional 38,592 shares during the period. First Trust Advisors LP raised its holdings in Bank OZK by 4.6% during the 1st quarter. First Trust Advisors LP now owns 3,036,101 shares of the company’s stock valued at $139,327,000 after acquiring an additional 134,490 shares during the period. Bank of New York Mellon Corp bought a new stake in Bank OZK during the 2nd quarter valued at $63,410,000. Norges Bank purchased a new stake in shares of Bank OZK during the fourth quarter worth $59,809,000. Finally, Quantinno Capital Management LP lifted its position in shares of Bank OZK by 41.7% during the first quarter. Quantinno Capital Management LP now owns 929,888 shares of the company’s stock worth $42,673,000 after acquiring an additional 273,543 shares in the last quarter. Institutional investors own 86.18% of the company’s stock.

About Bank OZK

Bank OZK (NASDAQ:OZK) is a regional financial institution headquartered in Little Rock, Arkansas. The bank provides banking and financial services to individuals, businesses and institutions through a network of branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, treasury management, online and mobile banking, and wealth management. Bank OZK also provides specialized lending through its Real Estate Specialties Group, which focuses on commercial real estate financing for projects in markets across the United States.

The company traces its origins to 1903, when it was founded as a community bank in Jasper, Arkansas.