Bank OZK (NASDAQ:OZK) Upgraded by Wells Fargo & Company to Equal Weight Rating

Bank OZK (NASDAQ:OZK) was upgraded by analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a $48.00 price target on the stock, up from their previous price target of $40.00. Wells Fargo & Company‘s price target would suggest a potential downside of 3.50% from the stock’s previous close.

A number of other brokerages have also commented on OZK. UBS Group began coverage on Bank OZK in a report on Tuesday, December 17th. They set a “neutral” rating and a $51.00 price target for the company. Piper Sandler upped their target price on shares of Bank OZK from $58.00 to $63.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Stephens restated an “equal weight” rating and set a $53.00 price objective on shares of Bank OZK in a report on Friday. Finally, Truist Financial reduced their target price on shares of Bank OZK from $48.00 to $46.00 and set a “hold” rating for the company in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bank OZK presently has an average rating of “Hold” and an average price target of $49.50.

Bank OZK Price Performance

NASDAQ OZK opened at $49.74 on Tuesday. The company has a market cap of $5.64 billion, a P/E ratio of 8.10 and a beta of 1.20. Bank OZK has a 1 year low of $37.43 and a 1 year high of $51.50. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $46.44 and a 200 day simple moving average of $44.31.

Bank OZK (NASDAQ:OZK) last released its quarterly earnings results on Thursday, January 16th. The company reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.12. Bank OZK had a net margin of 25.83% and a return on equity of 13.90%. The company had revenue of $412.34 million during the quarter, compared to analysts’ expectations of $407.19 million. During the same period in the prior year, the company earned $1.50 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts predict that Bank OZK will post 5.96 EPS for the current year.

Institutional Investors Weigh In On Bank OZK

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its stake in Bank OZK by 30.7% in the third quarter. Barclays PLC now owns 254,874 shares of the company’s stock valued at $10,958,000 after buying an additional 59,907 shares during the period. Geode Capital Management LLC grew its stake in shares of Bank OZK by 6.7% in the third quarter. Geode Capital Management LLC now owns 2,022,979 shares of the company’s stock valued at $86,989,000 after acquiring an additional 126,352 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Bank OZK by 68.6% during the third quarter. Verition Fund Management LLC now owns 34,869 shares of the company’s stock worth $1,499,000 after purchasing an additional 14,189 shares during the period. Cerity Partners LLC raised its holdings in Bank OZK by 112.8% in the 3rd quarter. Cerity Partners LLC now owns 51,717 shares of the company’s stock valued at $2,223,000 after acquiring an additional 27,409 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in Bank OZK by 124.6% during the third quarter. Captrust Financial Advisors now owns 1,698,856 shares of the company’s stock worth $73,034,000 after purchasing an additional 942,309 shares during the period. 86.18% of the stock is currently owned by institutional investors and hedge funds.

Bank OZK Company Profile

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.