Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Bank OZK (NASDAQ:OZK)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of Bank OZK (NASDAQ:OZK) by 36.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,598 shares of the company’s stock after selling 4,441 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bank OZK were worth $327,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of Bank OZK by 291.5% in the second quarter. AQR Capital Management LLC now owns 2,371,892 shares of the company’s stock worth $95,848,000 after acquiring an additional 1,765,974 shares in the last quarter. Millennium Management LLC grew its stake in Bank OZK by 196.4% during the 2nd quarter. Millennium Management LLC now owns 1,365,393 shares of the company’s stock worth $55,981,000 after purchasing an additional 904,782 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Bank OZK by 483.9% during the 2nd quarter. Victory Capital Management Inc. now owns 980,358 shares of the company’s stock worth $40,195,000 after purchasing an additional 812,464 shares during the period. Berkley W R Corp acquired a new stake in Bank OZK in the 2nd quarter valued at about $24,600,000. Finally, D. E. Shaw & Co. Inc. boosted its stake in shares of Bank OZK by 115.0% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 715,844 shares of the company’s stock valued at $29,350,000 after buying an additional 382,896 shares during the period. 86.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OZK has been the topic of a number of recent research reports. Truist Financial cut their target price on shares of Bank OZK from $48.00 to $46.00 and set a “hold” rating on the stock in a research note on Monday, October 21st. Raymond James downgraded shares of Bank OZK from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 17th. Stephens lifted their price objective on shares of Bank OZK from $48.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Piper Sandler increased their target price on Bank OZK from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Morgan Stanley raised their price target on Bank OZK from $48.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Bank OZK has a consensus rating of “Hold” and a consensus price target of $48.50.

Bank OZK Price Performance

Shares of NASDAQ:OZK opened at $49.97 on Friday. Bank OZK has a 12 month low of $37.43 and a 12 month high of $52.36. The firm has a market capitalization of $5.67 billion, a P/E ratio of 8.22 and a beta of 1.16. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. The company’s fifty day moving average price is $45.19 and its 200 day moving average price is $43.32.

Bank OZK (NASDAQ:OZK) last posted its earnings results on Thursday, October 17th. The company reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.02. Bank OZK had a return on equity of 14.15% and a net margin of 26.07%. The business had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $419.08 million. As a group, sell-side analysts predict that Bank OZK will post 6.03 earnings per share for the current fiscal year.

Bank OZK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Friday, October 11th were given a dividend of $0.41 per share. This is a positive change from Bank OZK’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, October 11th. This represents a $1.64 annualized dividend and a yield of 3.28%. Bank OZK’s payout ratio is 26.97%.

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.