Two Sigma Advisers LP decreased its position in shares of Prosperity Bancshares (NYSE:PB) by 34.0% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 254,236 shares of the bank’s stock after selling 130,985 shares during the period. Two Sigma Advisers LP owned 0.37% of Prosperity Bancshares worth $17,814,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Prosperity Bancshares by 1.2% in the fourth quarter. BlackRock Inc. now owns 5,647,680 shares of the bank’s stock worth $395,733,000 after acquiring an additional 66,817 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Prosperity Bancshares by 108.1% in 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. Champlain Investment Partners LLC increased its position in shares of Prosperity Bancshares by 2.1% in the fourth quarter. Champlain Investment Partners LLC now owns 1,892,150 shares of the bank’s stock worth $132,583,000 after acquiring an additional 38,115 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Prosperity Bancshares by 0.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock worth $71,145,000 after acquiring an additional 8,779 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Prosperity Bancshares by 1.0% in the third quarter. Bank of New York Mellon Corp now owns 817,453 shares of the bank’s stock worth $53,730,000 after acquiring an additional 8,304 shares in the last quarter. 77.77% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on PB shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $79.00 price objective on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Hovde Group lowered shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Barclays increased their price objective on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. SunTrust Banks reissued a “buy” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Wednesday, November 29th. Finally, Zacks Investment Research raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Friday, December 29th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Prosperity Bancshares has an average rating of “Hold” and an average target price of $74.45.
In related news, insider Michael Epps sold 4,000 shares of Prosperity Bancshares 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 filing with the SEC, which can be accessed through this link. Also, CFO David Hollaway sold 1,800 shares of Prosperity Bancshares stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $75.60, for a total transaction of $136,080.00. Following the completion of the sale, the chief financial officer now owns 168,684 shares in the company, valued at $12,752,510.40. 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. Insiders own 5.05% of the company’s stock.
PB stock opened at $76.26 on Wednesday. Prosperity Bancshares has a 52 week low of $55.84 and a 52 week high of $79.20. The company has a market cap of $5,325.37, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.60 and a beta of 1.32.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. The company had revenue of $185.27 million for the quarter, compared to the consensus estimate of $185.43 million. During the same quarter last year, the company earned $0.99 earnings per share. sell-side analysts expect that Prosperity Bancshares will post 4.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 16th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.89%. Prosperity Bancshares’s dividend payout ratio (DPR) is 36.64%.
Prosperity Bancshares announced that its Board of Directors has authorized a stock buyback plan on Friday, January 19th that permits the company to repurchase 3,470,000 outstanding shares. This repurchase authorization permits the bank to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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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