Bank OZK (NASDAQ:OZK) to Issue Quarterly Dividend of $0.41

Bank OZK (NASDAQ:OZK) announced a quarterly dividend on Tuesday, October 1st, Zacks reports. Shareholders of record on Friday, October 11th will be paid a dividend of 0.41 per share on Friday, October 18th. This represents a $1.64 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Friday, October 11th. This is a positive change from Bank OZK’s previous quarterly dividend of $0.40.

Bank OZK has increased its dividend payment by an average of 9.6% per year over the last three years and has increased its dividend annually for the last 28 consecutive years. Bank OZK has a payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Bank OZK to earn $6.04 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 26.5%.

Bank OZK Price Performance

NASDAQ OZK opened at $41.40 on Thursday. The company has a 50 day simple moving average of $42.28 and a 200-day simple moving average of $43.08. Bank OZK has a 52-week low of $34.76 and a 52-week high of $52.36. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 6.95 and a beta of 1.17. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.02 and a quick ratio of 1.02.

Bank OZK (NASDAQ:OZK) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $1.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.52. The business had revenue of $416.78 million for the quarter, compared to the consensus estimate of $414.39 million. Bank OZK had a net margin of 27.04% and a return on equity of 14.50%. Bank OZK’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.47 earnings per share. Equities research analysts predict that Bank OZK will post 5.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OZK has been the subject of several recent research reports. Truist Financial lowered their price target on Bank OZK from $49.00 to $48.00 and set a “hold” rating for the company in a research note on Friday, September 20th. Raymond James lowered shares of Bank OZK from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 17th. Wells Fargo & Company cut their target price on Bank OZK from $39.00 to $35.00 and set an “underweight” rating on the stock in a report on Thursday, June 6th. Stephens reissued an “equal weight” rating and issued a $50.00 price objective on shares of Bank OZK in a research note on Thursday, July 18th. Finally, Morgan Stanley boosted their target price on Bank OZK from $48.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.57.

About Bank OZK

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.