Oregon Public Employees Retirement Fund Has $1.64 Million Position in Prosperity Bancshares, Inc. (PB)

Oregon Public Employees Retirement Fund lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,369 shares of the bank’s stock after selling 1,291 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Prosperity Bancshares were worth $1,643,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. First Trust Advisors LP boosted its stake in Prosperity Bancshares by 21.9% during the 3rd quarter. First Trust Advisors LP now owns 95,591 shares of the bank’s stock valued at $6,629,000 after purchasing an additional 17,154 shares during the last quarter. Brown Advisory Inc. boosted its stake in Prosperity Bancshares by 3.5% during the 3rd quarter. Brown Advisory Inc. now owns 523,601 shares of the bank’s stock valued at $36,313,000 after purchasing an additional 17,688 shares during the last quarter. Vanguard Group Inc boosted its stake in Prosperity Bancshares by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 6,511,344 shares of the bank’s stock valued at $451,561,000 after purchasing an additional 90,531 shares during the last quarter. Diversified Trust Co boosted its stake in Prosperity Bancshares by 4.7% during the 4th quarter. Diversified Trust Co now owns 5,955 shares of the bank’s stock valued at $371,000 after purchasing an additional 265 shares during the last quarter. Finally, Deprince Race & Zollo Inc. boosted its stake in Prosperity Bancshares by 5.2% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 832,435 shares of the bank’s stock valued at $57,729,000 after purchasing an additional 40,989 shares during the last quarter. 84.51% of the stock is owned by institutional investors.

In other news, Vice Chairman H E. Timanus, Jr. purchased 5,000 shares of the company’s stock in a transaction dated Monday, December 24th. The shares were purchased at an average cost of $57.65 per share, for a total transaction of $288,250.00. Following the purchase, the insider now directly owns 147,447 shares in the company, valued at approximately $8,500,319.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.05% of the company’s stock.

Several brokerages have commented on PB. Stephens set a $70.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Wednesday, October 24th. SunTrust Banks cut their target price on Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. They noted that the move was a valuation call. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, February 1st. Robert W. Baird upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research note on Thursday, October 25th. Finally, Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research note on Wednesday, January 2nd. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $73.86.

Shares of PB stock traded up $0.30 on Monday, reaching $73.30. The stock had a trading volume of 1,006 shares, compared to its average volume of 477,808. The company has a market cap of $5.10 billion, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 1.78 and a beta of 1.37. Prosperity Bancshares, Inc. has a 1 year low of $57.01 and a 1 year high of $79.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 30th. The bank reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.01. The firm had revenue of $186.33 million for the quarter, compared to the consensus estimate of $188.17 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.17%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the business posted $0.99 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 4.82 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.24%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 35.57%.

COPYRIGHT VIOLATION WARNING: This piece was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece on another site, it was copied illegally and reposted in violation of international copyright law. The correct version of this piece can be viewed at https://www.dispatchtribunal.com/2019/02/11/oregon-public-employees-retirement-fund-has-1-64-million-position-in-prosperity-bancshares-inc-pb.html.

About Prosperity Bancshares

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.

See Also: Growth Stocks, What They Are, What They Are Not

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB).

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply