Olstein Capital Management L.P. increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 6.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,150 shares of the bank’s stock after acquiring an additional 11,270 shares during the period. Prosperity Bancshares comprises approximately 1.6% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 12th largest holding. Olstein Capital Management L.P. owned 0.28% of Prosperity Bancshares worth $12,564,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its stake in Prosperity Bancshares by 60.3% during the second quarter. Public Employees Retirement System of Ohio now owns 71,170 shares of the bank’s stock worth $4,572,000 after purchasing an additional 26,778 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Prosperity Bancshares by 45.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after acquiring an additional 140,000 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Prosperity Bancshares by 12.0% in the 2nd quarter. Legal & General Group Plc now owns 73,909 shares of the bank’s stock valued at $4,748,000 after acquiring an additional 7,917 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Prosperity Bancshares by 36.3% in the 2nd quarter. Royal Bank of Canada now owns 6,548 shares of the bank’s stock valued at $421,000 after acquiring an additional 1,745 shares during the last quarter. Finally, Clinton Group Inc. bought a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $269,000. 76.92% of the stock is currently owned by hedge funds and other institutional investors.
PB has been the subject of a number of recent research reports. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a report on Friday, September 8th. SunTrust Banks reiterated a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Monday, October 2nd. Finally, ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $71.45.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at $69.28 on Friday. The company has a market cap of $4,790.92, a P/E ratio of 17.46, a P/E/G ratio of 1.75 and a beta of 1.37. Prosperity Bancshares, Inc. has a 1-year low of $55.84 and a 1-year high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million during the quarter, compared to analyst estimates of $185.59 million. During the same period in the previous year, the business earned $0.99 EPS. equities analysts predict that Prosperity Bancshares, Inc. will post 3.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.36 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, December 14th. Prosperity Bancshares’s payout ratio is 34.43%.
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About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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