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Bank OZK (OZK) Announces 3% Increase in Quarterly Dividend
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Bank OZK (OZK - Free Report) has announced yet another quarterly dividend hike. The company declared a cash dividend of 34 cents per share, marking a 3.03% increase from the prior payout. The dividend will be paid out on Jan 24 to shareholders of record on Jan 17.
This represents the 50th consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3.1% to 33 cents per share in October 2022. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $39.30, Bank OZK’s dividend yield currently stands at 3.46%. The yield is also significantly impressive compared with the industry average of 2.50%. Not only is the yield attractive for income investors, but also it represents a steady income stream.
Apart from regular dividend increases, OZK has a share repurchase program in place. During the first nine months of 2022, the company repurchased roughly 7.8 million shares at a weighted average price of $41.90 for a total of $326.7 million. As of Sep 30, 2022, $130.2 million worth of shares were left to be repurchased. The plan expired on Nov 4, 2022.
As of Sep 30, 2022, the company had total debt of $924.7 million, and cash and cash equivalents of $895.8 million. Thus, given a robust liquidity position and decent earnings strength, the company is expected to continue with efficient capital deployment activities. By carrying out the same, it will keep enhancing shareholder value.
Over the past six months, shares of OZK have gained 2.4% against a 1.8% fall of the industry it belongs to.
Image Source: Zacks Investment Research
Bank OZK currently carries a Zacks Rank #4 (Sell).
Over the past month, several banks have rewarded their shareholders with dividend hikes. Some of these are Independent Bank Corp. (INDB - Free Report) and ServisFirst Bancshares, Inc. (SFBS - Free Report) .
Independent Bank declared a quarterly cash dividend of 55 cents per share, marking a 7.8% increase from the prior payout. The dividend will be paid out on Jan 6, 2023, to shareholders of record on Dec 27, 2022.
Prior to this hike, INDB raised its quarterly dividend in March 2022 by 6.25% to 51 cents per share.
ServisFirst Bancshares declared a quarterly dividend of 28 cents per share, representing a 21.7% hike from the prior payout. The dividend will be paid out on Jan 6, 2023, to its stockholders of record as of Jan 3.
SFBS has hiked its dividend every year since 2014. In December 2021, it increased the dividend by 15% to 23 cents per share.
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Bank OZK (OZK) Announces 3% Increase in Quarterly Dividend
Bank OZK (OZK - Free Report) has announced yet another quarterly dividend hike. The company declared a cash dividend of 34 cents per share, marking a 3.03% increase from the prior payout. The dividend will be paid out on Jan 24 to shareholders of record on Jan 17.
This represents the 50th consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3.1% to 33 cents per share in October 2022. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $39.30, Bank OZK’s dividend yield currently stands at 3.46%. The yield is also significantly impressive compared with the industry average of 2.50%. Not only is the yield attractive for income investors, but also it represents a steady income stream.
Apart from regular dividend increases, OZK has a share repurchase program in place. During the first nine months of 2022, the company repurchased roughly 7.8 million shares at a weighted average price of $41.90 for a total of $326.7 million. As of Sep 30, 2022, $130.2 million worth of shares were left to be repurchased. The plan expired on Nov 4, 2022.
As of Sep 30, 2022, the company had total debt of $924.7 million, and cash and cash equivalents of $895.8 million. Thus, given a robust liquidity position and decent earnings strength, the company is expected to continue with efficient capital deployment activities. By carrying out the same, it will keep enhancing shareholder value.
Over the past six months, shares of OZK have gained 2.4% against a 1.8% fall of the industry it belongs to.
Image Source: Zacks Investment Research
Bank OZK currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Banks Taking Similar Steps
Over the past month, several banks have rewarded their shareholders with dividend hikes. Some of these are Independent Bank Corp. (INDB - Free Report) and ServisFirst Bancshares, Inc. (SFBS - Free Report) .
Independent Bank declared a quarterly cash dividend of 55 cents per share, marking a 7.8% increase from the prior payout. The dividend will be paid out on Jan 6, 2023, to shareholders of record on Dec 27, 2022.
Prior to this hike, INDB raised its quarterly dividend in March 2022 by 6.25% to 51 cents per share.
ServisFirst Bancshares declared a quarterly dividend of 28 cents per share, representing a 21.7% hike from the prior payout. The dividend will be paid out on Jan 6, 2023, to its stockholders of record as of Jan 3.
SFBS has hiked its dividend every year since 2014. In December 2021, it increased the dividend by 15% to 23 cents per share.