Bank of the Ozarks Inc. (OZRK) Sees Unusually-High Trading Volume Following Dividend Announcement
Bank of the Ozarks Inc. (NASDAQ:OZRK) shares saw unusually-high trading volume on Wednesday following a dividend announcement from the company. Approximately 1,736,050 shares changed hands during trading, an increase of 53% from the previous session’s volume of 1,138,244 shares.The stock last traded at $40.25 and had previously closed at $39.17.
The newly announced dividend which will be paid on Friday, October 21st. Shareholders of record on Friday, October 14th will be issued a $0.165 dividend. The ex-dividend date is Wednesday, October 12th. This is a positive change from Bank of the Ozarks’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a yield of 1.68%. Bank of the Ozarks’s dividend payout ratio (DPR) is 28.32%.
OZRK has been the topic of several analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $46.00 target price on shares of Bank of the Ozarks in a report on Tuesday, July 12th. Rafferty Capital Markets started coverage on shares of Bank of the Ozarks in a report on Friday, September 16th. They issued a “buy” rating and a $46.00 target price on the stock. Zacks Investment Research raised shares of Bank of the Ozarks from a “sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Wells Fargo & Co. started coverage on shares of Bank of the Ozarks in a research report on Thursday, June 23rd. They set a “market perform” rating for the company. Finally, Raymond James Financial Inc. raised shares of Bank of the Ozarks from a “market perform” rating to an “outperform” rating and set a $51.00 price objective for the company in a research report on Thursday, August 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Bank of the Ozarks presently has a consensus rating of “Buy” and a consensus price target of $47.20.
The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of 17.74 and a beta of 1.32. The firm’s 50-day moving average price is $38.51 and its 200-day moving average price is $38.86.
Bank of the Ozarks (NASDAQ:OZRK) last posted its earnings results on Monday, July 11th. The financial services provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. Bank of the Ozarks had a net margin of 35.99% and a return on equity of 13.95%. During the same quarter last year, the business posted $0.51 EPS. On average, analysts forecast that Bank of the Ozarks Inc. will post $2.44 EPS for the current year.
In other news, Director Walter J. Mullen III acquired 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 purchase, the director now owns 3,775 shares in the company, valued at approximately $140,203.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Walter J. Mullen III acquired 1,130 shares of Bank of the Ozarks stock in a transaction dated Tuesday, August 2nd. The stock was purchased at an average cost of $35.28 per share, for a total transaction of $39,866.40. Following the completion of the purchase, the director now owns 2,650 shares in the company, valued at approximately $93,492. The disclosure for this purchase can be found here. Company insiders own 8.70% of the company’s stock.
Several large investors have recently bought and sold shares of OZRK. 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 worth $117,000 after buying an additional 2,686 shares in the last quarter. 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 worth $124,000 after buying an additional 300 shares in the last quarter. 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 worth $135,000 after buying an additional 2,036 shares in the last quarter. Toronto Dominion Bank purchased a new stake in Bank of the Ozarks during the second quarter worth approximately $135,000. Finally, Bank of Montreal Can purchased a new stake in Bank of the Ozarks during the second quarter worth approximately $138,000. 71.41% of the stock is currently 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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