Bank of the Ozarks Inc. (NASDAQ:OZRK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Estimates have been stable lately ahead of Bank of the Ozarks’ third-quarter 2016 earnings release. Notably, the company has a positive record of earnings surprises in recent quarters. Further, the company’s inorganic growth strategy should continue to help in revenue improvement. Also, consistent improvement in loans and deposits, and credit quality will likely help the company strengthen its financials. In addition, persistent increases in quarterly dividend continue to boost the investors’ confidence. However, operating expenses continue to rise as the company expands its footprints organically as well as through acquisitions. Further, increased exposure to risky real estate loans continues to pose a major concern. In addition, low interest rate environment is expected to continue exerting pressure on net interest margin in the near term.”
Several other equities analysts also recently commented on OZRK. Wells Fargo & Co. started coverage on Bank of the Ozarks in a research report on Thursday, June 23rd. They set a “market perform” rating for the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $46.00 target price (down previously from $48.00) on shares of Bank of the Ozarks in a research report on Friday, June 24th. Raymond James Financial Inc. upgraded Bank of the Ozarks from a “market perform” rating to an “outperform” rating and set a $51.00 target price for the company in a research report on Thursday, August 25th. Finally, Rafferty Capital Markets started coverage on Bank of the Ozarks in a research report on Friday, September 16th. They set a “buy” rating and a $46.00 target price for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Bank of the Ozarks presently has a consensus rating of “Buy” and an average price target of $47.20.
Bank of the Ozarks (NASDAQ:OZRK) opened at 40.13 on Friday. Bank of the Ozarks has a 52 week low of $33.51 and a 52 week high of $54.96. The company’s 50-day moving average price is $38.63 and its 200 day moving average price is $38.88. The company has a market cap of $4.86 billion, a PE ratio of 17.69 and a beta of 1.32.
Bank of the Ozarks (NASDAQ:OZRK) last posted its earnings results on Monday, July 11th. The financial services provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.01. Bank of the Ozarks had a return on equity of 13.95% and a net margin of 35.99%. During the same quarter in the prior year, the firm posted $0.51 earnings per share. On average, analysts anticipate that Bank of the Ozarks will post $2.44 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Friday, October 14th will be given a $0.165 dividend. This is an increase from Bank of the Ozarks’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.66 annualized dividend and a yield of 1.64%. Bank of the Ozarks’s payout ratio is presently 28.32%.
In other news, Director Walter J. Mullen III bought 1,130 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average cost of $35.28 per share, with a total value of $39,866.40. Following the purchase, the director now owns 2,650 shares of the company’s stock, valued at $93,492. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Walter J. Mullen III bought 1,120 shares of the stock in a transaction dated Wednesday, August 10th. The stock was purchased at an average cost of $37.14 per share, with a total value of $41,596.80. Following the completion of the purchase, the director now directly owns 3,775 shares in the company, valued at approximately $140,203.50. The disclosure for this purchase can be found here. 8.70% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in Bank of the Ozarks by 620.3% in the second quarter. IFP Advisors Inc now owns 3,119 shares of the financial services provider’s stock valued at $117,000 after buying an additional 2,686 shares during the period. NN Investment Partners Holdings N.V. boosted its stake in shares of Bank of the Ozarks by 10.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 3,300 shares of the financial services provider’s stock worth $124,000 after buying an additional 300 shares during the period. Bessemer Group Inc. boosted its stake in shares of Bank of the Ozarks by 132.0% in the second quarter. Bessemer Group Inc. now owns 3,579 shares of the financial services provider’s stock worth $135,000 after buying an additional 2,036 shares during the period. Toronto Dominion Bank bought a new stake in shares of Bank of the Ozarks during the second quarter worth approximately $135,000. Finally, Bank of Montreal Can bought a new stake in shares of Bank of the Ozarks during the second quarter worth approximately $138,000. 71.41% of the stock is owned by institutional investors.
About Bank of the Ozarks
Bank of the Ozarks, Inc is a bank holding company. The Company owns an Arkansas state chartered subsidiary bank, Bank of the Ozarks (the Bank). The Company, through the Bank, conducts operations through approximately 257 offices, including over 80 offices in Arkansas, approximately 30 in Georgia, over 20 in North Carolina, over 20 in Texas, approximately 44 in Florida, over three in Alabama, approximately two each in South Carolina and New York, and one in California.
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