Teachers Advisors LLC raised its position in Prosperity Bancshares (NYSE:PB) by 17.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,638 shares of the bank’s stock after buying an additional 13,413 shares during the quarter. Teachers Advisors LLC owned approximately 0.13% of Prosperity Bancshares worth $6,421,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. California State Teachers Retirement System lifted its stake in Prosperity Bancshares by 0.6% in the fourth quarter. California State Teachers Retirement System now owns 111,561 shares of the bank’s stock valued at $7,817,000 after buying an additional 677 shares during the last quarter. Amalgamated Bank lifted its stake in Prosperity Bancshares by 5.9% in the fourth quarter. Amalgamated Bank now owns 13,428 shares of the bank’s stock valued at $941,000 after buying an additional 743 shares during the last quarter. TD Asset Management Inc. lifted its stake in Prosperity Bancshares by 3.9% in the third quarter. TD Asset Management Inc. now owns 24,100 shares of the bank’s stock valued at $1,584,000 after buying an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Prosperity Bancshares by 39.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock valued at $243,000 after buying an additional 980 shares during the last quarter. Finally, Kwmg LLC lifted its stake in Prosperity Bancshares by 3.9% in the fourth quarter. Kwmg LLC now owns 26,991 shares of the bank’s stock valued at $1,891,000 after buying an additional 1,011 shares during the last quarter. Institutional investors own 77.77% of the company’s stock.
A number of equities research analysts have weighed in on PB shares. Barclays boosted their price objective on Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Friday, December 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $79.00 price objective on shares of Prosperity Bancshares in a research note on Friday, December 22nd. ValuEngine cut Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Finally, Piper Jaffray reiterated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $74.45.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $185.43 million. During the same quarter last year, the company earned $0.99 EPS. research analysts forecast that Prosperity Bancshares will post 4.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 16th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.55%.
Prosperity Bancshares declared that its board has initiated a stock buyback program on Friday, January 19th that allows the company to repurchase 3,470,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Prosperity Bancshares news, CFO David Hollaway sold 5,000 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total value of $381,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Epps sold 4,000 shares of the stock in a transaction on Thursday, February 1st. The stock was 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. Insiders have sold 10,800 shares of company stock valued at $818,280 in the last 90 days. Company insiders own 5.05% of the company’s stock.
Prosperity Bancshares 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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