Bank of the Ozarks Inc. (OZRK) Sees Large Volume Increase After Better-Than-Expected Earnings
Bank of the Ozarks Inc. (NASDAQ:OZRK) saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 4,551,659 shares traded hands during trading, an increase of 187% from the previous session’s volume of 1,583,957 shares.The stock last traded at $40.60 and had previously closed at $41.36.
The financial services provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. Bank of the Ozarks had a return on equity of 13.95% and a net margin of 35.99%. During the same period in the previous year, the firm posted $0.54 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 14th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Wednesday, October 12th. This is a boost from Bank of the Ozarks’s previous quarterly dividend of $0.16. Bank of the Ozarks’s dividend payout ratio is 28.32%.
A number of equities research analysts recently weighed in on OZRK shares. Zacks Investment Research cut Bank of the Ozarks from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $46.00 price target (down previously from $48.00) on shares of Bank of the Ozarks in a research note on Friday, June 24th. Wells Fargo & Co. initiated coverage on Bank of the Ozarks in a research note on Thursday, June 23rd. They issued a “market perform” rating on the stock. Raymond James Financial Inc. raised Bank of the Ozarks from a “market perform” rating to an “outperform” rating and set a $51.00 price objective on the stock in a report on Thursday, August 25th. Finally, Rafferty Capital Markets initiated coverage on Bank of the Ozarks in a report on Friday, September 16th. They issued a “buy” rating and a $46.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Bank of the Ozarks presently has an average rating of “Buy” and an average price target of $47.20.
In related news, Director Walter J. Mullen III bought 1,120 shares of Bank of the Ozarks stock in a transaction dated Wednesday, August 10th. The shares were bought at an average cost of $37.14 per share, with a total value of $41,596.80. Following the acquisition, the director now owns 3,775 shares in the company, valued at approximately $140,203.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Walter J. Mullen III bought 1,130 shares of Bank of the Ozarks stock in a transaction dated Tuesday, August 2nd. The shares were bought at an average cost of $35.28 per share, for a total transaction of $39,866.40. Following the completion of the acquisition, the director now owns 2,650 shares in the company, valued at approximately $93,492. The disclosure for this purchase can be found here. Insiders own 8.70% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc raised 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. raised its stake in 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 valued at $124,000 after buying an additional 300 shares during the period. Bessemer Group Inc. raised its stake in 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 valued at $135,000 after buying an additional 2,036 shares during the period. Toronto Dominion Bank bought a new stake in Bank of the Ozarks during the second quarter valued at about $135,000. Finally, Bank of Montreal Can bought a new stake in Bank of the Ozarks during the second quarter valued at about $138,000. 71.41% of the stock is currently owned by institutional investors.
The stock has a 50 day moving average of $38.79 and a 200-day moving average of $38.81. The company has a market cap of $4.93 billion, a P/E ratio of 17.92 and a beta of 1.32.
Bank of the Ozarks Company Profile
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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