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Bank OZK (OZK) Announces 2.9% 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 35 cents per share, marking a 2.9% increase from the prior payout. The dividend will be paid out on Apr 21 to shareholders of record on Apr 14.
This represents the 51st consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3% to 34 cents per share in January 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $33.97, Bank OZK’s dividend yield currently stands at 4.12%. The yield is also significantly impressive compared with the industry average of 2.80%. Not only is the yield attractive for income investors, but also represents a steady income stream.
Apart from regular dividend increases, OZK has a share repurchase program in place. In 2022, the company repurchased roughly 8.4 million shares for a total of $350 million. Further, in November 2022, the bank announced a new buyback program under which it is authorized to repurchase up to $300 million worth of shares. As of Dec 31, 2022, the plan (set to expire on Nov 9, 2023) had $284.9 million authorization remaining.
As of Dec 31, 2022, the company had total debt of $953.6 million, and cash and cash equivalents of $1.03 billion. 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 year, shares of OZK have declined 18.7% compared with a 25.3% fall of the industry it belongs to.
Over the past month, Synovus Financial Corp. (SNV - Free Report) and HarborOne Bancorp, Inc. (HONE - Free Report) announced an increase in their quarterly dividend payouts.
Synovus’ board of directors approved a quarterly cash dividend of 38 cents per share, representing an increase of 11.8% from the prior payout. The dividend was paid out on Apr 3 to shareholders of record as of Mar 16.
Before this hike, SNV announced a 3% dividend hike in March 2022. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholders’ wealth.
HarborOne Bancorp announced that its board of directors approved a regular quarterly cash dividend of 7.5 cents per share. This represents a rise of 7% from its prior payout.
The amount will be paid out on Apr 26 to shareholders of record as of Apr 12. Before this, the company hiked its dividend in March 2022 by 40% to 7 cents. It must be noted that the company started paying out dividends effective July 2020. HONE has increased its dividend thrice in the last five years.
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Bank OZK (OZK) Announces 2.9% Increase in Quarterly Dividend
Bank OZK (OZK - Free Report) has announced yet another quarterly dividend hike. The company declared a cash dividend of 35 cents per share, marking a 2.9% increase from the prior payout. The dividend will be paid out on Apr 21 to shareholders of record on Apr 14.
This represents the 51st consecutive quarter of dividend hike by Bank OZK. Prior to this, OZK hiked its dividend by 3% to 34 cents per share in January 2023. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Considering the last day’s closing price of $33.97, Bank OZK’s dividend yield currently stands at 4.12%. The yield is also significantly impressive compared with the industry average of 2.80%. Not only is the yield attractive for income investors, but also represents a steady income stream.
Apart from regular dividend increases, OZK has a share repurchase program in place. In 2022, the company repurchased roughly 8.4 million shares for a total of $350 million. Further, in November 2022, the bank announced a new buyback program under which it is authorized to repurchase up to $300 million worth of shares. As of Dec 31, 2022, the plan (set to expire on Nov 9, 2023) had $284.9 million authorization remaining.
As of Dec 31, 2022, the company had total debt of $953.6 million, and cash and cash equivalents of $1.03 billion. 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 year, shares of OZK have declined 18.7% compared with a 25.3% fall of the industry it belongs to.
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Bank OZK currently carries a Zacks Rank #3 (Hold). 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, Synovus Financial Corp. (SNV - Free Report) and HarborOne Bancorp, Inc. (HONE - Free Report) announced an increase in their quarterly dividend payouts.
Synovus’ board of directors approved a quarterly cash dividend of 38 cents per share, representing an increase of 11.8% from the prior payout. The dividend was paid out on Apr 3 to shareholders of record as of Mar 16.
Before this hike, SNV announced a 3% dividend hike in March 2022. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholders’ wealth.
HarborOne Bancorp announced that its board of directors approved a regular quarterly cash dividend of 7.5 cents per share. This represents a rise of 7% from its prior payout.
The amount will be paid out on Apr 26 to shareholders of record as of Apr 12. Before this, the company hiked its dividend in March 2022 by 40% to 7 cents. It must be noted that the company started paying out dividends effective July 2020. HONE has increased its dividend thrice in the last five years.