Bank OZK (NASDAQ:OZK) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Bank OZK (NASDAQ:OZK - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $45.34, but opened at $47.97. Bank OZK shares last traded at $48.35, with a volume of 690,331 shares changing hands.

The company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.12. The business had revenue of $412.34 million during the quarter, compared to the consensus estimate of $407.19 million. Bank OZK had a net margin of 26.07% and a return on equity of 14.15%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share.

Bank OZK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, January 14th will be paid a $0.42 dividend. The ex-dividend date is Tuesday, January 14th. This is an increase from Bank OZK's previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a yield of 3.38%. Bank OZK's payout ratio is currently 26.97%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OZK shares. UBS Group initiated coverage on shares of Bank OZK in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $51.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Bank OZK from $35.00 to $40.00 and gave the company an "underweight" rating in a research report on Tuesday, December 3rd. Piper Sandler boosted their price objective on shares of Bank OZK from $58.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, October 18th. Truist Financial decreased their price objective on shares of Bank OZK from $48.00 to $46.00 and set a "hold" rating on the stock in a research report on Monday, October 21st. Finally, Stephens restated an "equal weight" rating and issued a $53.00 price objective on shares of Bank OZK in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Bank OZK has an average rating of "Hold" and an average price target of $48.50.

Hedge Funds Weigh In On Bank OZK

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Merit Financial Group LLC purchased a new stake in Bank OZK in the fourth quarter worth about $307,000. Park Avenue Securities LLC purchased a new stake in Bank OZK in the fourth quarter worth about $227,000. Pallas Capital Advisors LLC grew its holdings in Bank OZK by 3.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 10,555 shares of the company's stock worth $470,000 after purchasing an additional 373 shares during the period. Wedmont Private Capital bought a new position in shares of Bank OZK in the fourth quarter worth approximately $203,000. Finally, Capital Investment Advisors LLC lifted its stake in shares of Bank OZK by 49.4% in the fourth quarter. Capital Investment Advisors LLC now owns 16,035 shares of the company's stock worth $714,000 after buying an additional 5,302 shares in the last quarter. Hedge funds and other institutional investors own 86.18% of the company's stock.

Bank OZK Trading Up 9.7 %

The stock has a market cap of $5.64 billion, a P/E ratio of 8.18 and a beta of 1.20. The firm's 50 day moving average price is $46.42 and its 200-day moving average price is $44.20. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02.

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.