Wunderlich Maintains Buy On Bank of the Ozarks

Wunderlich Securities is maintaining its Buy rating and $57 price target on shares of Bank of the Ozarks, Inc. OZRK. In a note to clients, Wunderlich Securities writes, "We maintain our Buy rating on Bank of the Ozarks (OZRK) and our $57 target. OZRK reported 2Q11 EPS of $2.91 ($0.79 core EPS), easily exceeding both our estimate and consensus, representing the thirteenth straight quarter exceeding consensus. This was another strong quarter for OZRK, aided by bargain purchase gains on two FDIC-assisted transactions completed in the quarter. Asset quality remained among the best in our research universe, although NPLs, NCOs, and provisioning levels all increased sequentially. With a healthy TCE ratio of 9.3%, OZRK has the capacity to complete additional acquisitions over the next 12-18 months, which should continue to add meaningfully to bottom-line results." Shares of OZRK closed at $52.33 yesterday.