Olstein Capital Management L.P. Has $928,000 Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Olstein Capital Management L.P. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the bank’s stock after selling 1,000 shares during the period. Olstein Capital Management L.P.’s holdings in Prosperity Bancshares were worth $928,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PB. Blue Trust Inc. boosted its position in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after purchasing an additional 128 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after buying an additional 128 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock worth $430,000 after buying an additional 194 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock worth $76,000 after buying an additional 195 shares during the period. Finally, Savant Capital LLC grew its stake in Prosperity Bancshares by 4.6% in the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank’s stock valued at $339,000 after buying an additional 197 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Royal Bank of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 24th. Barclays cut their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research note on Monday, May 5th. Hovde Group lowered their price target on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Finally, Morgan Stanley cut their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $83.80.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $70.03 on Monday. The business has a 50 day simple moving average of $68.56 and a 200 day simple moving average of $74.02. The company has a market capitalization of $6.67 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. During the same period last year, the business earned $1.18 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 44.19%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total transaction of $35,430.00. Following the sale, the director now owns 104,315 shares in the company, valued at approximately $7,391,760.90. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 7,200 shares of company stock valued at $500,949 in the last three months. Corporate insiders own 4.20% of the company’s stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.