Piper Sandler cuts OZK Bank (NASDAQ:OZK) price target to $60.00

OZK Bank (NASDAQ:OZK – Get Rating) had its target price reduced by Piper Sandler stock research analysts from $64.00 to $60.00 in a note to investors released Friday, MarketBeat reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 37.52% from the stock’s previous close.

A number of other research companies have also recently published reports on OZK. Truist Financial raised its price target on Bank OZK shares from $48.00 to $53.00 in a Monday, January 24 report. Zacks Investment Research upgraded shares of Bank OZK from a “hold” rating to a “buy” rating and set a target price of $48.00 on the stock in a Tuesday, Dec. 28 research note. Raymond James raised his price target on Bank OZK shares from $52.00 to $54.00 and gave the company an “outperform” rating in a research report on Monday, Jan. 24. Morgan Stanley raised its price target on Bank OZK shares from $53.00 to $58.00 and gave the company an “equal weight” rating in a Monday, December 6 research report. Finally, Citigroup raised its price target on Bank OZK shares from $46.00 to $50.00 in a Tuesday, January 25 research report. One research analyst rated the stock with a hold rating and four gave the company a buy rating. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $52.25.

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Shares of Bank OZK rose $0.80 during Friday’s trading, hitting $43.63. The company’s shares had a trading volume of 3,496 shares, compared to an average volume of 665,810. OZK Bank has a 52-week low of $38.01 and a 52-week high of $51.39. The company has a market capitalization of $5.47 billion, a price-earnings ratio of 9.76 and a beta of 1.60. The company’s 50-day moving average is $47.50 and its two-hundred-day moving average is $45.52. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt ratio of 0.27.

Bank OZK (NASDAQ:OZK – Get Rating) last released quarterly earnings data on Thursday, January 20. The company reported EPS of $1.17 for the quarter, beating Thomson Reuters consensus estimate of $0.98 by $0.19. The company posted revenue of $296.08 million in the quarter, versus analyst estimates of $273.42 million. OZK Bank had a net margin of 48.78% and a return on equity of 12.80%. The company’s revenue for the quarter increased 11.2% year over year. During the same period of the previous year, the company achieved EPS of $0.93. On average, equity research analysts expect Bank OZK to post EPS of 3.93 for the current year.

Several hedge funds and other institutional investors have recently changed their holdings in the company. Bank of America Corp DE increased its position in Bank OZK by 8.4% in Q2. Bank of America Corp DE now owns 152,113 shares of the company valued at $6,413,000 after acquiring an additional 11,737 shares during the period. Prudential Financial Inc. increased its holdings of Bank OZK shares by 10.2% in the second quarter. Prudential Financial Inc. now owns 51,109 shares of the company worth $2,154,000 after acquiring 4,736 additional shares in the last quarter. Man Group plc increased its stake in shares of Bank OZK by 107.8% during the second quarter. Man Group plc now owns 107,465 shares in the company worth $4,531,000 after acquiring a further 55,743 shares last quarter. Metropolitan Life Insurance Co NY increased its holdings of Bank OZK shares by 114,315.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 22,883 shares of the company worth $965,000 after acquiring 22,863 additional shares last quarter. Finally, Invesco Ltd. increased its stake in Bank OZK shares by 22.9% during the second quarter. Invesco Ltd. now owns 510,555 shares of the company worth $21,524,000 after acquiring an additional 94,998 shares last quarter. 79.75% of the shares are held by institutional investors.

About OZK Bank (Get a rating)

Bank OZK is engaged in the provision of community banking services. The company offers deposit services such as checking, savings, money market, term deposits and individual retirement accounts. It also provides lending services, including types of home, consumer, commercial, industrial and agricultural loans.

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