The Manufacturers Life Insurance Company Cuts Position in Bank OZK (NASDAQ:OZK)

The Manufacturers Life Insurance Company reduced its stake in shares of Bank OZK (NASDAQ:OZK) by 3.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 88,859 shares of the company’s stock after selling 3,292 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Bank OZK worth $3,820,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. PSI Advisors LLC raised its holdings in Bank OZK by 20,933.3% during the second quarter. PSI Advisors LLC now owns 631 shares of the company’s stock worth $26,000 after purchasing an additional 628 shares during the last quarter. Assetmark Inc. increased its position in shares of Bank OZK by 73.8% in the third quarter. Assetmark Inc. now owns 968 shares of the company’s stock valued at $42,000 after buying an additional 411 shares in the last quarter. American National Bank & Trust acquired a new position in shares of Bank OZK during the 3rd quarter worth $44,000. Innealta Capital LLC purchased a new stake in shares of Bank OZK in the 2nd quarter worth about $46,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in Bank OZK in the 2nd quarter valued at about $49,000. 86.18% of the stock is owned by institutional investors and hedge funds.

Bank OZK Stock Performance

Bank OZK stock opened at $47.49 on Friday. Bank OZK has a 52 week low of $37.43 and a 52 week high of $52.36. The stock has a fifty day moving average price of $45.82 and a 200 day moving average price of $43.31. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $5.39 billion, a P/E ratio of 7.81 and a beta of 1.18.

Bank OZK (NASDAQ:OZK) last announced its earnings results on Thursday, October 17th. The company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. Bank OZK had a net margin of 26.07% and a return on equity of 14.15%. The firm had revenue of $423.00 million during the quarter, compared to analyst estimates of $419.08 million. Equities research analysts anticipate that Bank OZK will post 6.03 earnings per share for the current year.

Bank OZK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Friday, October 11th were issued a dividend of $0.41 per share. This is a boost from Bank OZK’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.64 annualized dividend and a yield of 3.45%. Bank OZK’s payout ratio is presently 26.97%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OZK shares. Raymond James cut shares of Bank OZK from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 17th. Piper Sandler lifted their price objective on Bank OZK from $58.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Stephens increased their target price on Bank OZK from $48.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Truist Financial cut their price target on Bank OZK from $48.00 to $46.00 and set a “hold” rating for the company in a report on Monday, October 21st. Finally, Wells Fargo & Company upped their price objective on Bank OZK from $35.00 to $40.00 and gave the company an “underweight” rating in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.13.

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.