Bank of Montreal Can increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 11.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,694 shares of the bank’s stock after purchasing an additional 2,473 shares during the quarter. Bank of Montreal Can’s holdings in Prosperity Bancshares were worth $1,661,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. New England Research & Management Inc. raised its position in Prosperity Bancshares by 6.8% during the fourth quarter. New England Research & Management Inc. now owns 33,134 shares of the bank’s stock worth $2,322,000 after acquiring an additional 2,100 shares in the last quarter. California Public Employees Retirement System raised its position in Prosperity Bancshares by 2.4% during the third quarter. California Public Employees Retirement System now owns 174,841 shares of the bank’s stock worth $11,492,000 after acquiring an additional 4,025 shares in the last quarter. Janus Henderson Group PLC raised its position in Prosperity Bancshares by 108.1% during the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after acquiring an additional 1,017,115 shares in the last quarter. Maltese Capital Management LLC raised its position in Prosperity Bancshares by 97.8% during the third quarter. Maltese Capital Management LLC now owns 171,900 shares of the bank’s stock worth $11,299,000 after acquiring an additional 85,000 shares in the last quarter. Finally, Sather Financial Group Inc bought a new stake in Prosperity Bancshares during the third quarter worth $545,000. Institutional investors and hedge funds own 76.63% of the company’s stock.
In related news, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $75.15, for a total transaction of $300,600.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO David Hollaway sold 5,000 shares of the firm’s stock in a transaction dated 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 sold 10,800 shares of company stock worth $818,280 over the last three months. Insiders own 4.93% of the company’s stock.
Several research firms have issued reports on PB. Zacks Investment Research lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday. SunTrust Banks reaffirmed a “buy” rating and set a $85.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 25th. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. DA Davidson upped their price target on shares of Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, January 25th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $74.45.
Prosperity Bancshares, Inc. (PB) opened at $74.76 on Wednesday. The firm has a market cap of $5,081.18, a PE ratio of 18.96, a PEG ratio of 1.53 and a beta of 1.37. Prosperity Bancshares, Inc. has a 1 year low of $55.84 and a 1 year 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 for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to the consensus estimate of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same period in the previous year, the company earned $0.99 earnings per share. equities analysts anticipate that Prosperity Bancshares, Inc. will post 4.78 EPS for the current fiscal year.
Prosperity Bancshares declared that its board has approved a share repurchase program on Friday, January 19th that allows the company to buyback 3,470,000 outstanding shares. This buyback authorization allows the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Thursday, March 15th. Prosperity Bancshares’s payout ratio is presently 36.64%.
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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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