Vaughan Nelson Investment Management L.P. decreased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 323,661 shares of the bank’s stock after selling 8,925 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.47% of Prosperity Bancshares worth $22,679,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC increased its stake in shares of Prosperity Bancshares by 203.0% in the 4th quarter. SG Americas Securities LLC now owns 12,537 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,400 shares in the last quarter. Arvest Bank Trust Division purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $210,000. State of Alaska Department of Revenue purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $273,000. Schwab Charles Investment Management Inc. increased its stake in shares of Prosperity Bancshares by 6.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 391,276 shares of the bank’s stock valued at $27,417,000 after purchasing an additional 24,013 shares in the last quarter. Finally, Wasatch Advisors Inc. increased its stake in shares of Prosperity Bancshares by 36.3% in the 4th quarter. Wasatch Advisors Inc. now owns 227,850 shares of the bank’s stock valued at $15,965,000 after purchasing an additional 60,739 shares in the last quarter. 76.63% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have commented on the company. DA Davidson boosted their price objective on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. SunTrust Banks reiterated a “buy” rating and set a $85.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, January 25th. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 27th. ValuEngine cut Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $74.45.
Prosperity Bancshares, Inc. (NYSE:PB) opened at $74.48 on Tuesday. The company has a market capitalization of $5,081.18, a price-to-earnings ratio of 18.95, a P/E/G ratio of 1.53 and a beta of 1.37. Prosperity Bancshares, Inc. has a twelve month low of $55.84 and a twelve month high of $77.89.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. The firm had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. During the same period in the previous year, the business posted $0.99 EPS. analysts anticipate that Prosperity Bancshares, Inc. will post 4.78 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.93%. Prosperity Bancshares’s dividend payout ratio (DPR) is 36.64%.
Prosperity Bancshares announced that its board has approved a stock buyback program on Friday, January 19th that permits the company to repurchase 3,470,000 shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other Prosperity Bancshares news, insider Michael Epps sold 4,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Hollaway sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The disclosure for this sale can be found here. Insiders have sold 10,800 shares of company stock valued at $818,280 in the last quarter. Insiders own 4.93% of the company’s stock.
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Prosperity Bancshares Company Profile
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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