Amalgamated Bank raised its holdings in shares of Prosperity Bancshares (NYSE:PB) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,428 shares of the bank’s stock after purchasing an additional 743 shares during the quarter. Amalgamated Bank’s holdings in Prosperity Bancshares were worth $941,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. TD Asset Management Inc. grew its stake in Prosperity Bancshares by 3.9% during the 3rd quarter. TD Asset Management Inc. now owns 24,100 shares of the bank’s stock valued at $1,584,000 after purchasing an additional 900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Prosperity Bancshares by 39.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock valued at $243,000 after purchasing an additional 980 shares in the last quarter. Salzhauer Michael grew its stake in Prosperity Bancshares by 22.6% during the 3rd quarter. Salzhauer Michael now owns 5,435 shares of the bank’s stock valued at $357,000 after purchasing an additional 1,002 shares in the last quarter. Kwmg LLC lifted its holdings in Prosperity Bancshares by 3.9% during the 4th quarter. Kwmg LLC now owns 26,991 shares of the bank’s stock worth $1,891,000 after buying an additional 1,011 shares during the last quarter. Finally, Amica Retiree Medical Trust lifted its holdings in Prosperity Bancshares by 22.6% during the 3rd quarter. Amica Retiree Medical Trust now owns 7,475 shares of the bank’s stock worth $491,000 after buying an additional 1,376 shares during the last quarter. Hedge funds and other institutional investors own 77.77% of the company’s stock.
In related news, CFO David Hollaway sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $75.60, for a total value of $136,080.00. Following the sale, the chief financial officer now directly owns 168,684 shares in the company, valued at approximately $12,752,510.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total value of $300,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,800 shares of company stock worth $818,280. 5.05% of the stock is owned by insiders.
A number of research firms have commented on PB. DA Davidson increased their target price on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. SunTrust Banks reaffirmed a “buy” rating and set a $85.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $79.00 target price on shares of Prosperity Bancshares in a report on Friday, December 22nd. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $74.45.
Shares of NYSE PB traded down $2.41 during mid-day trading on Friday, hitting $70.85. The company had a trading volume of 330,248 shares, compared to its average volume of 373,927. The company has a market cap of $5,115.87, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 1.53 and a beta of 1.32. Prosperity Bancshares has a 12 month low of $55.84 and a 12 month high of $79.20.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results 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 company had revenue of $185.27 million during the quarter, compared to the consensus estimate of $185.43 million. During the same period last year, the business posted $0.99 EPS. equities research analysts forecast that Prosperity Bancshares will post 4.78 earnings per share for the current year.
Prosperity Bancshares declared that its Board of Directors has initiated a stock repurchase plan on Friday, January 19th that permits the company to buyback 3,470,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Friday, March 16th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 2.03%. The ex-dividend date was Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio is currently 36.55%.
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Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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