Integrated Wealth Concepts LLC Invests $4.29 Million in Bank OZK $OZK

Integrated Wealth Concepts LLC purchased a new position in shares of Bank OZK (NASDAQ:OZK) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 82,416 shares of the company’s stock, valued at approximately $4,293,000.

Other hedge funds have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in Bank OZK by 2.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,305 shares of the company’s stock valued at $537,000 after buying an additional 212 shares in the last quarter. Quadrant Capital Group LLC increased its position in Bank OZK by 4.2% during the 4th quarter. Quadrant Capital Group LLC now owns 5,446 shares of the company’s stock worth $251,000 after buying an additional 218 shares during the period. Kera Capital Partners Inc. lifted its holdings in shares of Bank OZK by 2.1% during the fourth quarter. Kera Capital Partners Inc. now owns 11,336 shares of the company’s stock worth $539,000 after buying an additional 236 shares in the last quarter. Cornerstone Wealth Management LLC lifted its holdings in shares of Bank OZK by 4.5% during the fourth quarter. Cornerstone Wealth Management LLC now owns 6,403 shares of the company’s stock worth $295,000 after buying an additional 278 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in shares of Bank OZK by 0.8% in the fourth quarter. Illinois Municipal Retirement Fund now owns 38,261 shares of the company’s stock valued at $1,761,000 after acquiring an additional 317 shares during the period. 86.18% of the stock is owned by institutional investors and hedge funds.

Bank OZK Stock Performance

NASDAQ:OZK opened at $49.09 on Friday. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 8.11 and a beta of 0.88. Bank OZK has a fifty-two week low of $42.37 and a fifty-two week high of $53.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day moving average price of $50.53 and a 200-day moving average price of $48.78.

Bank OZK (NASDAQ:OZK) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. The company had revenue of $430.02 million for the quarter, compared to analysts’ expectations of $436.42 million. Bank OZK had a return on equity of 11.87% and a net margin of 24.95%.Bank OZK’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $1.47 earnings per share. As a group, equities analysts anticipate that Bank OZK will post 5.83 EPS for the current fiscal year.

Bank OZK announced that its Board of Directors has authorized a share buyback program on Monday, June 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Bank OZK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Monday, July 13th were issued a $0.48 dividend. The ex-dividend date of this dividend was Monday, July 13th. This represents a $1.92 annualized dividend and a yield of 3.9%. This is an increase from Bank OZK’s previous quarterly dividend of $0.47. Bank OZK’s payout ratio is 31.74%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James Financial initiated coverage on shares of Bank OZK in a research note on Tuesday, September 1st. They issued a “market perform” rating on the stock. Morgan Stanley cut shares of Bank OZK from an “equal weight” rating to an “underweight” rating and set a $56.00 price objective for the company. in a research note on Tuesday, September 8th. Zacks Research downgraded shares of Bank OZK from a “hold” rating to a “strong sell” rating in a report on Thursday, August 13th. TD Cowen decreased their target price on shares of Bank OZK from $53.00 to $52.00 and set a “hold” rating on the stock in a research report on Friday, July 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $61.00 target price on shares of Bank OZK in a report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $56.88.

Bank OZK Profile

Bank OZK is a regional financial institution headquartered in Little Rock, Arkansas. The company provides banking services to individuals, businesses and institutions through a network of banking offices concentrated in the Southeastern United States and select markets, including New York and California.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, commercial and industrial financing, treasury management and other business banking solutions.