Bank OZK (OZK) will raise its quarterly dividend by another 0.9 percent to $0.275 per share in the 4th quarter of 2020. This is the fourth dividend hike announced in 2020 by the bank holding company and follows a similar 0.9 percent hike in the previous quarter. Bank OZK has increased its dividend 22 consecutive years.

The next dividend is payable October 19, 2020 to shareholders of record as of October 12, 2020. A new annualized dividend rate of $1.10 per share yields 5% at a stock price of $22.07. In a press release dated October 1, Bank OZK announces this new dividend hike and notes the company has increased its quarterly cash dividend in each of the last forty-one quarters.

If we include this fourth dividend increase announced by Bank OZK in 2020 the total dividend hike year-to-date is exactly 10.0 percent. This marks 11 years of double digit dividend growth for the company with an average dividend hike of no less than 22.0 percent during that course. Bank OZK now pays its shareholders an estimated $142 million in dividends annually.

Bank OZK, formerly Bank of the Ozarks, Inc. is a bank holding company. The company owns a state-chartered subsidiary bank that conducts banking operations in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina, New York and California. The company's deposit services, including checking, savings, money market, time deposit and individual retirement accounts and loan services, including real estate, consumer, commercial, industrial and agricultural loans and leasing services. OZK also provides services such as mortgage lending, lock box services and  financial planning and operates ATMs.  The company has paid a dividend to shareholders every year since 1998.