Prosperity Bancshares (PB) Holdings Reduced by Handelsbanken Fonder AB
Handelsbanken Fonder AB lowered its position in Prosperity Bancshares (NYSE:PB) by 8.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 410,000 shares of the bank’s stock after selling 40,000 shares during the quarter. Handelsbanken Fonder AB owned 0.59% of Prosperity Bancshares worth $28,729,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth about $105,000. Tower Research Capital LLC TRC bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $127,000. Icon Wealth Partners LLC bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $177,000. Arvest Bank Trust Division bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Prosperity Bancshares by 39.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock worth $243,000 after purchasing an additional 980 shares during the last quarter. Hedge funds and other institutional investors own 77.77% of the company’s stock.
In other Prosperity Bancshares news, CFO David Hollaway sold 1,800 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $75.60, for a total value of $136,080.00. Following the completion of the transaction, the chief financial officer now 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 is available through the SEC website. Also, insider Michael Epps sold 4,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $75.15, for a total transaction of $300,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,800 shares of company stock valued at $818,280. Insiders own 5.05% of the company’s stock.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.01). Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. The business had revenue of $185.27 million for the quarter, compared to the consensus estimate of $185.43 million. During the same period in the prior year, the company earned $0.99 EPS. sell-side analysts predict that Prosperity Bancshares will post 4.78 earnings per share for the current year.
Prosperity Bancshares declared that its board has approved a stock repurchase program on Friday, January 19th that permits the company to repurchase 3,470,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio is presently 36.64%.
PB has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $79.00 target price on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $70.00 to $68.00 in a research report on Tuesday, January 2nd. Barclays boosted their target price 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 target price 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 target price for the company in a research report on Friday, December 29th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $74.45.
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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