Bank OZK raises dividends, marks consistent growth by Investing.com
LITTLE ROCK, Ark. – Bank OZK (NASDAQ: ) announced a quarterly dividend increase for its common stock, marking the most consistent increase over the past 56 quarters. paid a dividend of $0.40 per share, an increase of 2.56% compared to the previous quarter. Shareholders of record as of July 12, 2024, will be eligible to receive dividends payable on July 19, 2024.
Additionally, the bank issued a quarterly dividend on its 4.625% Series A Non-Cumulative Perpetual Preferred Stock. This dividend, amounting to $0.28906 per share, covers the period from May 15, 2024, until August 14, 2024, and will be paid on August 15, 2024, to shareholders of record as of August 1, 2024.
Bank OZK’s consistent profit growth has earned it a place in the S&P High Yield Dividend Aristocrats® index since January 2018. To be included in this index, companies must be part of the S&P Composite 1500® and have a history of increasing their common stock dividends. every year for at least 20 years, subject to meeting certain market capitalization and liquidity criteria.
Founded in 1903, Bank OZK operates approximately 240 offices in eight states, including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California, and Mississippi. As of March 31, 2024, the bank reported $36.03 billion in assets.
InvestingPro Insights
Bank OZK’s recent announcement of a quarterly dividend increase is a testament to its stable financial performance and commitment to shareholder returns. Notably, the bank has grown its dividend for 27 consecutive years, demonstrating a strong track record consistent with inclusion in the S&P High Yield Dividend Aristocrats® index.
Looking at real-time data from InvestingPro, Bank OZK is currently trading at an attractive price with a P/E Ratio (Adjusted) for the trailing twelve months as of Q1 2024 that stands at 6.81. This is combined with a PEG Ratio over the same period of just 0.32, indicating that the bank’s earnings growth rate is very positive compared to its P/E ratio. Furthermore, the bank’s Price / Book ratio as of Q1 2024 is 0.94, suggesting that its stock may be undervalued relative to the company’s net asset value.
In addition to these metrics, Bank OZK’s profitability as of mid-2024 is strong at 3.8%, which is particularly attractive to income-oriented investors. This is supported by a significant earnings growth rate of 14.71% in the last twelve months from Q1 2024.
Investors looking for more information about Bank OZK’s financial performance and potential investment opportunities can find additional InvestingPro Tips on the company, which may include an analysis of its earnings multiples and gross profit margins. For those who like to go deeper, use the coupon code PRONEWS24 to get up to 10% off annual Pro and annual or bi-annual Pro+ subscriptions, including access to the full range of tips and comprehensive metrics on InvestingPro. There are currently 8 additional InvestingPro tips available at Bank OZK, which can provide valuable context and guidance to potential investors.
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