|Over a week ago|
Bank OZK upgraded to Overweight from Equal Weight at Wells Fargo » 06:3506/0406/04/21
Wells Fargo analyst Timur…
Wells Fargo analyst Timur Braziler upgraded Bank OZK to Overweight from Equal Weight with a price target of $55, up from $45. Braziler believes the company is on pace to reclaim what was once a premium valuation, the analyst tells investors in a research note. The analyst believes Q2 could be the catalyst to get shares moving higher, with loan demand seemingly coming on better than expected and credit still holding up incredibly well.
|Over a month ago|
Bank OZK reports Q1 EPS $1.14, consensus 86c » 16:0504/2204/22/21
As a result of improving…
As a result of improving economic conditions, management recorded negative provision for credit losses of $31.6 million during the first quarter of 2021, reducing the Bank's total allowance for credit losses from $377.3 million at December 31, 2020 to $342.3 million at March 31, 2021. The Bank's provision for credit losses was $117.7 million during the first quarter of 2020, reflecting significant economic uncertainty at that time. The Bank's results for the first quarter of 2021 also included pretax gains of $4.4 million from the sale of its South Carolina branches and $1.4 million of tax-exempt bank-owned life insurance death benefits. The Bank had no gains from branch sales and had $0.6 million of tax-exempt BOLI death benefits during the first quarter of 2020. George Gleason, Chairman and Chief Executive Officer stated, "We are pleased to report excellent results for the first quarter of 2021, including record quarterly net income, strong net interest income, continued improvement in our core spread, excellent asset quality and an efficiency ratio among the best in the industry. Our combination of strong earnings, robust capital and an exceptional team have us well positioned for the future."
Bank OZK price target raised to $40 from $37 at Citi » 06:2104/1404/14/21
Citi analyst Arren…
Citi analyst Arren Cyganovich raised the firm's price target on Bank OZK to $40 from $37 and keeps a Neutral rating on the shares. The analyst raised estimates and target prices across the board for regional banks to reflect an increase in the Citi House economics view that we will have five rate hikes beginning in Q4 of 2022 through Q4 of 2023, along with higher long-term rates.
Bank OZK raises quarterly dividend to 28c per share » 16:0104/0104/01/21
Payable April 19 to…
Payable April 19 to shareholders of record as of April 12.
|Over a quarter ago|
Bank OZK receives approval for clean solar energy initiative » 16:0503/1503/15/21
Bank OZK announced it has…
Bank OZK announced it has received approval from the Arkansas Public Service Commission, APSC, and the Federal Deposit Insurance Corporation ("FDIC") to construct a solar power plant. The solar plant will be the third-largest commercial solar facility dedicated to a private sector customer in the State of Arkansas, and it is expected to have generating capacity of 4.8-megawatts DC of electricity. The APSC approval sets in motion the Bank's $6 million sustainable energy initiative to produce enough renewable energy to power the Bank's recently completed corporate headquarters in Little Rock and up to 40 more Bank offices in Arkansas. The Bank will soon finalize the purchase of the site for the solar power plant and begin construction. "This is the largest investment in renewable energy by an Arkansas-based financial services company," said Tim Hicks, Chief Credit and Administrative Officer at Bank OZK. "We are pleased to play a leading role investing in sustainable and clean energy, which will provide stable electrical power at a predictable price well into the foreseeable future." Scenic Hill Solar, LLC, of North Little Rock, Arkansas, will develop and oversee construction of the solar power plant for the Bank, which will include over 11,000 solar panels on a single-axis tracking system. Over the course of a year, the facility is expected to generate more than 8.1 million kilowatt-hours of electricity, enough to provide the electricity equivalent for over 1,000 homes for 12 months. "The solar plant reflects our strong commitment to environmental responsibility," said Hicks. "We expect to reduce our carbon footprint by about 160,000 tons of carbon dioxide over the next 30 years."
Bank OZK price target raised to $45 from $37 at Truist » 09:1903/0803/08/21
Truist analyst Jennifer…
Truist analyst Jennifer Demba raised the firm's price target on Bank OZK to $45 from $37 and keeps a Hold rating on the shares as part of a broader research note on Regional and Community Banks. The analyst states that the banks' near term revenue trends are challenging with constrained spread income growth over the near term, but this could improve as COVID vaccine distribution broadens. Demba adds that the demand for multifamily and industrial commercial real estate loans is "actually healthy" and could improve further in the second half of the year.
Bank OZK price target raised to $37 from $32 at Citi » 06:2401/2601/26/21
Citi analyst Arren…
Citi analyst Arren Cyganovich raised the firm's price target on Bank OZK to $37 from $32 and keeps a Neutral rating on the shares following the company's Q4 results. Bank OZK's origination pipeline "remains solid," Cyganovich tells investors in a research note.
Bank OZK price target raised to $37 from $33 at Truist » 08:3201/2501/25/21
Truist analyst Jennifer…
Truist analyst Jennifer Demba raised the firm's price target on Bank OZK to $37 from $33 but keeps a Hold rating on the shares. The analyst states that she is more confident that credit losses will remain very manageable given the conservative loan structures and government stimulus, but she also warns that loan growth will likely be challenging in 2021 with expected "record payoffs" at its RESG unit and general competitive pressures in community banking.
Fly Intel: After-Hours Movers » 18:3501/2101/21/21
SIVB, WAL, INDB, OZK, FLDM, MNOV, SWIR, ALDX, AMRN, IBM, STX, PPG, ISRG, CSX, PGEN, ACB, F
Check out this evening's…
Bank OZK reports Q4 EPS 93c, consensus 78c » 16:0601/2101/21/21
Reports Q4 tangible book…
Reports Q4 tangible book value per share $27.81. Reports Q4 net charge-offs .14%. George Gleason, chairman and CEO, stated, "We are pleased to report one of our best quarters ever, highlighted by record quarterly net interest income, our second highest quarterly net income in company history, excellent asset quality and an efficiency ratio among the best in the industry. It was a strong finish to a challenging year. Our strong capital and liquidity, our disciplined credit culture and our exceptional team have us well positioned for the future."