LITTLE ROCK, Ark. - Bank OZK (NASDAQ:OZK) announced an increase in its quarterly cash dividend for its common stock, marking a consistent rise over the past 56 quarters. The new dividend is set at $0.40 per share, a 2.56% increase from the previous quarter. Shareholders of record as of July 12, 2024, will be eligible for the dividend payable on July 19, 2024.
Additionally, the bank declared a quarterly cash dividend for 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, through August 14, 2024, and will be payable on August 15, 2024, to shareholders on record as of August 1, 2024.
Bank OZK's consistent dividend 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, alongside meeting certain market capitalization and liquidity criteria.
Founded in 1903, Bank OZK operates approximately 240 offices across eight states, including Arkansas, Georgia, Florida, North Carolina, Texas, New York, California, and Mississippi. As of March 31, 2024, the bank reported total assets of $36.03 billion.
InvestingPro Insights
Bank OZK's recent announcement of its quarterly cash dividend increase is a testament to its stable financial performance and commitment to shareholder returns. Notably, the bank has raised its dividend for 27 consecutive years, reflecting a solid track record that aligns with its inclusion in the S&P High Yield Dividend Aristocrats® index.
Looking at the real-time data from InvestingPro, Bank OZK is currently trading at an attractive valuation with a P/E Ratio (Adjusted) for the last twelve months as of Q1 2024 standing at 6.81. This is coupled with a PEG Ratio during the same period of just 0.32, indicating that the bank's earnings growth rate is quite favorable when compared to its P/E ratio. Moreover, the bank's Price / Book ratio as of Q1 2024 is 0.94, suggesting that its stock may be undervalued relative to the net asset value of the company.
In addition to these metrics, Bank OZK's dividend yield as of mid-2024 is a robust 3.8%, which is particularly appealing for income-focused investors. This is supported by a notable dividend growth rate of 14.71% in the last twelve months as of Q1 2024.
Investors looking for further insights into Bank OZK's financial performance and potential investment opportunities can find additional InvestingPro Tips on the company, which may include analysis on its earnings multiples and gross profit margins. For those interested in a deeper dive, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes access to the full list of tips and comprehensive metrics on InvestingPro. There are currently 8 additional InvestingPro Tips available for Bank OZK, which could provide valuable context and guidance for potential investors.
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