Boston, MA 03/11/2014 (wallstreetpr) – Bank of Ozarks Inc. (NASDAQ:OZRK) has completed the acquisition of Bancshares Inc. for $21.5 million with the transaction expected to be accretive of diluted earnings per common share. Bancshares as a result of the transaction will merge into a wholly owned bank subsidiary, Bank of the Ozarks
The new acquisition will add to Bank of Ozarks seven branches in south Texas including three offices in Houston and an office in Austin. Bank of Ozarks Chief executive officer was quick to point out that the acquisitions has come at a perfect time as the bank strives to expand its operations
Bank of Ozarks Insider bank
Inside buying is most of the time known to catch the eye of investors at Wall Street as it shows the company’s strength right from the eye of the management team. Bank of Ozarks Inc. (NASDAQ:OZRK)’s director Nicholas Brown is reported to have acquired 1,600 shares of the company stock on a transaction dated march 3, 2014. The shares were purchased at a price share of $62.85 for a total value of $100,560. The directors now owns 2,300 shares in the company valued at $144,555
Bank of Ozarks Rating in the market
Analysts at Wunderlich currently rate Bank of Ozarks as a hold with a price target of $60 up from $55, four equity research currently rate the stock as a hold with the stock commanding an average rating of “Hold” with an average price target of $51.75.
Bank of Ozarks Inc. (NASDAQ:OZRK) 50 day moving average currently stands at $60.23 with a 200 day moving average of $53.12. The company’s market cap currently stands at $2.424 billion with a P/E ratio of 26.10. The bank last issued its quarterly earnings on January 16 in which earnings per share came in at $0.66 beating consensus estimates of $0.65.
Bank of Ozarks Inc. (NASDAQ:OZRK) remained unchanged on Monday trading session slightly moving up by $66.56 to close the day at a high of $66.56.
