Bank of the Ozarks Inc. (OZRK) Sees Strong Trading Volume on Better-Than-Expected Earnings
Shares of Bank of the Ozarks Inc. (NASDAQ:OZRK) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 4,551,659 shares were traded during mid-day 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, topping the consensus estimate 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 quarter in the prior year, the company posted $0.54 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Investors of record on Friday, October 14th will be given a dividend of $0.165 per share. This is an increase from Bank of the Ozarks’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Wednesday, October 12th. Bank of the Ozarks’s dividend payout ratio is currently 28.32%.
Several equities analysts have commented on the company. Zacks Investment Research upgraded Bank of the Ozarks from a “sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $46.00 target price on shares of Bank of the Ozarks in a research report on Tuesday, July 12th. Rafferty Capital Markets assumed coverage on Bank of the Ozarks in a research report on Friday, September 16th. They issued a “buy” rating and a $46.00 target price for the company. 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, Wells Fargo & Co. assumed coverage on Bank of the Ozarks in a research report on Thursday, June 23rd. They issued a “market perform” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $47.20.
In related news, Director Walter J. Mullen III acquired 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, for a total transaction of $39,866.40. Following the completion of the transaction, the director now directly owns 2,650 shares of the company’s stock, valued at $93,492. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walter J. Mullen III bought 1,120 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were acquired at an average cost of $37.14 per share, with a total value of $41,596.80. Following the purchase, the director now directly owns 3,775 shares of the company’s stock, valued at $140,203.50. The disclosure for this purchase can be found here. Insiders own 8.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC boosted its stake in Bank of the Ozarks by 22.6% in the first quarter. Riverhead Capital Management LLC now owns 17,036 shares of the financial services provider’s stock valued at $715,000 after buying an additional 3,136 shares in the last quarter. AXA boosted its stake in Bank of the Ozarks by 16.6% in the first quarter. AXA now owns 62,196 shares of the financial services provider’s stock valued at $2,610,000 after buying an additional 8,870 shares in the last quarter. State Street Corp boosted its stake in Bank of the Ozarks by 9.1% in the first quarter. State Street Corp now owns 4,526,282 shares of the financial services provider’s stock valued at $189,969,000 after buying an additional 377,075 shares in the last quarter. Credit Agricole S A boosted its stake in Bank of the Ozarks by 29.1% in the first quarter. Credit Agricole S A now owns 44,692 shares of the financial services provider’s stock valued at $1,876,000 after buying an additional 10,066 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Bank of the Ozarks during the first quarter valued at approximately $126,000. 71.41% of the stock is owned by institutional investors and hedge funds.
The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 17.59 and a beta of 1.32. The company has a 50 day moving average of $38.83 and a 200-day moving average of $38.82.
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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