Deprince Race & Zollo Inc. cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 5.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 310,517 shares of the bank’s stock after selling 19,544 shares during the period. Deprince Race & Zollo Inc. owned 0.45% of Prosperity Bancshares worth $21,646,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in Prosperity Bancshares during the fourth quarter valued at approximately $17,389,000. United Services Automobile Association increased its position in Prosperity Bancshares by 9.5% in the third quarter. United Services Automobile Association now owns 122,330 shares of the bank’s stock valued at $6,715,000 after buying an additional 10,660 shares in the last quarter. Teachers Advisors LLC increased its position in Prosperity Bancshares by 3.2% in the fourth quarter. Teachers Advisors LLC now owns 110,767 shares of the bank’s stock valued at $7,951,000 after buying an additional 3,410 shares in the last quarter. Tiverton Asset Management LLC increased its position in Prosperity Bancshares by 128.8% in the third quarter. Tiverton Asset Management LLC now owns 210,989 shares of the bank’s stock worth $11,581,000 after buying an additional 118,772 shares during the period. Finally, BlackRock Group LTD increased its position in Prosperity Bancshares by 0.7% in the third quarter. BlackRock Group LTD now owns 46,469 shares of the bank’s stock worth $2,551,000 after buying an additional 332 shares during the period. 76.48% of the stock is currently owned by institutional investors.
Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at 66.07 on Friday. The company has a 50-day moving average of $65.62 and a 200 day moving average of $69.82. Prosperity Bancshares, Inc. has a one year low of $44.87 and a one year high of $77.87. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 16.75 and a beta of 1.30.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.02. The company had revenue of $183.25 million during the quarter, compared to analyst estimates of $185.03 million. Prosperity Bancshares had a return on equity of 7.58% and a net margin of 35.04%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post $4.05 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 16th will be issued a $0.34 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.06%. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.43%.
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A number of research analysts have commented on PB shares. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Prosperity Bancshares in a research report on Thursday, April 6th. Keefe, Bruyette & Woods cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $81.00 to $76.00 in a report on Thursday, April 27th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Thursday, March 2nd. Wedbush upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 target price for the company in a research note on Friday, May 19th. Finally, Hovde Group cut shares of Prosperity Bancshares to a “market perform” rating in a research note on Monday, February 27th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $69.00.
In other news, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now owns 156,800 shares in the company, valued at $10,207,680. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.93% of the company’s stock.
About Prosperity Bancshares
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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