Texas Permanent School Fund Sells 3,758 Shares of Prosperity Bancshares, Inc. (PB)
Texas Permanent School Fund decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 46,972 shares of the bank’s stock after selling 3,758 shares during the quarter. Texas Permanent School Fund’s holdings in Prosperity Bancshares were worth $3,291,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also made changes to their positions in PB. Janus Henderson Group PLC boosted its stake in shares of Prosperity Bancshares by 108.1% during the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock worth $128,701,000 after buying an additional 1,017,115 shares during the period. Koch Industries Inc. acquired a new stake in shares of Prosperity Bancshares during the second quarter worth about $333,000. Deprince Race & Zollo Inc. boosted its stake in shares of Prosperity Bancshares by 59.5% during the third quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock worth $45,020,000 after buying an additional 255,384 shares during the period. FMR LLC boosted its stake in shares of Prosperity Bancshares by 14.5% during the second quarter. FMR LLC now owns 1,980,933 shares of the bank’s stock worth $127,255,000 after buying an additional 251,330 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Prosperity Bancshares by 3,568.8% during the third quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock worth $12,532,000 after buying an additional 185,472 shares during the period. Institutional investors and hedge funds own 76.84% of the company’s stock.
In other Prosperity Bancshares news, insider Michael Epps sold 4,000 shares of the 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Hollaway sold 5,000 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $76.32, for a total transaction of $381,600.00. The disclosure for this sale can be found here. Corporate insiders own 4.93% of the company’s stock.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.01). The firm had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same period in the prior year, the company earned $0.99 earnings per share. analysts anticipate that Prosperity Bancshares, Inc. will post 4.81 EPS for the current fiscal year.
Prosperity Bancshares declared that its Board of Directors has initiated a share buyback plan on Friday, January 19th that authorizes the company to repurchase 3,470,000 shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.44 annualized dividend and a yield of 1.89%. Prosperity Bancshares’s dividend payout ratio is currently 36.64%.
Several equities research analysts have recently weighed in on PB shares. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $79.00 target price on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Barclays increased their target price on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and decreased their target price for the stock from $70.00 to $68.00 in a research note on Tuesday, January 2nd. ValuEngine downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Finally, SunTrust Banks reiterated a “buy” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Wednesday, November 29th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $74.45.
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Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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