Bank of the Ozarks (OZRK) Stock Soars on Q2 Earnings Beat
NEW YORK (TheStreet) -- Shares of Bank of the Ozarks (OZRK) are rising 5.17% to $38.68 this afternoon after the company reported better-than-expected 2016 second quarter earnings before the market open on Monday.
Bank of the Ozarks reported diluted earnings of 60 cents per share, beating analysts' expectations of 59 cents per share.
The Little Rock, AK-based bank also reported a record net income for the second quarter at $54.5 million. This represents a 21.7% increase from $44.8 million a year ago.
CEO George Gleason said he was "very pleased with our excellent second quarter results," according to a statement.
He added that the company's net interest margin, efficiency ratio and growth in both funded and unfunded balances of closed loans indicate that Bank of the Ozarks is "hitting on all cylinders."
Nearly 2.8 million shares of the company have traded hands so far today vs. the stock's average of 1.4 million shares per day.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, expanding profit margins, impressive record of earnings per share growth and compelling growth in net income. TheStreet Ratings feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: OZRK
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.