Bank OZK enters into agreements to sell its two Alabama branches » 18:0207/0107/01/20
Bank OZK announced that…
Bank OZK announced that it has entered into two separate Purchase and Assumption Agreements to sell its only two Alabama branches. The Bank has agreed to sell its Mobile, Alabama branch to Merchants & Marine Bank, a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. headquartered in Pascagoula, Mississippi. The Bank has agreed to sell its Geneva, Alabama branch to 22nd State Bank, a wholly owned subsidiary of FEB Bancshares, Inc., headquartered in south Alabama. Pursuant to the terms of the Purchase and Assumption Agreements, M&M and 22nd State have agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Mobile Branch and Geneva Branch, respectively. Subject to obtaining the necessary regulatory approvals, the pending sales are expected to close in the fourth quarter of 2020 and should result in small gains on sale. Customers of these branches will receive additional information regarding the impact of the sales in the near future. The deposit and loan balances at the Mobile Branch as of March 31, 2020 were approximately $26 million and $23 million, respectively. The deposit and loan balances at the Geneva Branch as of March 31, 2020 were approximately $66 million and $8 million, respectively. The Bank has found it difficult to operate efficiently within Alabama with just two branches that are in separate markets. After the transactions close, the Bank will have no branch offices in the state of Alabama.
Bank OZK increases quarterly cash dividend 0.9% to 27.25c per share » 16:0407/0107/01/20
Bank OZK announced its…
Bank OZK announced its board has approved a regular quarterly cash dividend of 27.25c per common share payable July 20 to shareholders of record as of July 13. The dividend of 27.25c per common share represents an increase of 0.9%, over the dividend paid in the previous quarter. Bank OZK has increased its quarterly cash dividend in each of the last forty quarters.
|Over a week ago|
Bank OZK upgraded to Outperform from Market Perform at Raymond James » 09:3806/1706/17/20
Raymond James analyst…
Raymond James analyst Michael Rose upgraded Bank OZK to Outperform from Market Perform with a $28 price target, reflecting the analyst's belief that worst case credit losses are unlikely to materialize as economic scenarios have improved.
Bank OZK downgraded to Neutral from Buy at Citi » 08:0606/1706/17/20
Citi downgraded Bank OZK…
Citi downgraded Bank OZK to Neutral from Buy.
Bank OZK upgraded to Outperform from Market Perform at Raymond James » 06:4306/1706/17/20
Raymond James analyst…
Raymond James analyst Michael Rose upgraded Bank OZK to Outperform from Market Perform with a $28 price target.
|Over a month ago|
Bank OZK price target raised to $22 from $19 at SunTrust » 08:0104/2804/28/20
SunTrust analyst Jennifer…
SunTrust analyst Jennifer Demba raised the firm's price target on Bank OZK to $22 from $19 and keeps a Hold rating on the shares. The analyst says the bank's Q1 earnings miss was mostly driven by higher loan loss provisions, as she also assumes higher net charge-offs amid a more stressed economy. Demba adds that Bank OZK offers strong earnings power and conservative lending standards, but she sees the shares as close to fairly valued with a comparable to peer average forward earnings and tangible book value multiples.
Fly Intel: Pre-market Movers » 09:0204/2404/24/20
CLR, CHK, AXP, ALV, VNE, WWE, INTC, OZK, SPLK, JCP
Check out this morning's…
Fly Intel: After-Hours Movers » 19:0404/2304/23/20
WWE, CYBE, TPH, VCRA, EW, MMSI, RHI, EBS, OZK, LLNW, INTC, EHTH, COF, ETFC, SKX, BA
Check out this evening's…
Bank OZK reports Q1 EPS 9c, consensus 61c » 16:0604/2304/23/20
Q1 diluted EPS were 9c,…
Q1 diluted EPS were 9c, an 89.5% decrease from 86c for Q1 of 2019. The COVID-19 pandemic significantly impacted the global economy in what was the first quarter of implementation of the current expected credit losses, or CECL, method to calculate the bank's allowance for credit losses, or ACL. During the quarter just ended, the sudden and severe economic downturn in tandem with the adoption of CECL resulted in the Bank incurring provision for credit losses of $117.7M, resulting in a total ACL of $316.4M at March 31, 2020.
|Over a quarter ago|
Bank OZK raises quarterly dividend 3.8% to 27c per share » 09:0404/0104/01/20
Bank OZK announced its…
Bank OZK announced its Board of Directors has approved a regular quarterly cash dividend of 27c per common share payable April 20, 2020 to shareholders of record as of April 13, 2020. The dividend of 27c per common share represents an increase of 1c per common share, or 3.8%, over the dividend paid in the previous quarter. Bank OZK has increased its quarterly cash dividend in each of the last thirty-nine quarters.