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%.
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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.
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