Macquarie Group Ltd. reduced its holdings in shares of Prosperity Bancshares (NYSE:PB) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,065,759 shares of the bank’s stock after selling 123,148 shares during the quarter. Macquarie Group Ltd. owned 1.53% of Prosperity Bancshares worth $74,678,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new position in Prosperity Bancshares in the third quarter valued at about $105,000. Tower Research Capital LLC TRC bought a new position in Prosperity Bancshares in the fourth quarter valued at about $127,000. Icon Wealth Partners LLC bought a new position in Prosperity Bancshares in the fourth quarter valued at about $177,000. Arvest Bank Trust Division bought a new position in Prosperity Bancshares in the fourth quarter valued at about $210,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position 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 purchasing an additional 980 shares during the last quarter. Institutional investors and hedge funds own 77.78% of the company’s stock.
In related news, CFO David Hollaway sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $76.32, for a total transaction of $381,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction that occurred 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. In the last three months, insiders sold 10,800 shares of company stock valued at $818,280. Insiders own 4.93% of the company’s stock.
Several research firms have commented on PB. ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. DA Davidson increased their target price on Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. SunTrust Banks reiterated a “buy” rating and issued a $85.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 25th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $74.45.
Shares of Prosperity Bancshares (NYSE PB) opened at $77.19 on Friday. The firm has a market capitalization of $5,357.49, a PE ratio of 19.64, a PEG ratio of 1.61 and a beta of 1.32. Prosperity Bancshares has a one year low of $55.84 and a one year high of $79.20.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million during the quarter, compared to analyst estimates of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same period in the previous year, the company posted $0.99 EPS. equities research analysts anticipate that Prosperity Bancshares will post 4.78 earnings per share for the current fiscal year.
Prosperity Bancshares announced that its board has approved a stock repurchase program on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 16th will be paid a $0.36 dividend. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 1.87%. Prosperity Bancshares’s payout ratio is 36.64%.
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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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