Barrow Hanley Mewhinney & Strauss LLC lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,070,789 shares of the bank’s stock after selling 41,430 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned about 1.54% of Prosperity Bancshares worth $75,030,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PB. Janus Henderson Group PLC increased its holdings in Prosperity Bancshares by 108.1% during the third quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock valued at $128,701,000 after buying an additional 1,017,115 shares during the period. Deprince Race & Zollo Inc. increased its holdings in Prosperity Bancshares by 59.5% during the third quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock valued at $45,020,000 after buying an additional 255,384 shares during the period. Envestnet Asset Management Inc. increased its holdings in Prosperity Bancshares by 3,568.8% during the third quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock valued at $12,532,000 after buying an additional 185,472 shares during the period. Handelsbanken Fonder AB increased its holdings in Prosperity Bancshares by 45.2% during the third quarter. Handelsbanken Fonder AB now owns 450,000 shares of the bank’s stock valued at $29,578,000 after buying an additional 140,000 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Prosperity Bancshares by 60.0% during the third quarter. Russell Investments Group Ltd. now owns 368,578 shares of the bank’s stock valued at $24,226,000 after buying an additional 138,258 shares during the period. 79.51% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on PB. Zacks Investment Research lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, February 13th. DA Davidson lifted their price objective on shares of Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. SunTrust Banks reissued a “buy” rating and set a $85.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 25th. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company’s stock. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $74.45.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. The firm had revenue of $185.27 million during the quarter, compared to analysts’ expectations of $185.43 million. During the same period in the prior year, the firm posted $0.99 earnings per share. analysts predict that Prosperity Bancshares, Inc. will post 4.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 16th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio is currently 36.73%.
Prosperity Bancshares announced that its Board of Directors has authorized a share repurchase plan on Friday, January 19th that authorizes the company to buyback 3,470,000 outstanding shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Michael Epps sold 4,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total transaction of $300,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David Hollaway sold 1,800 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $75.60, for a total transaction of $136,080.00. Following the sale, the chief financial officer now directly owns 168,684 shares in the company, valued at $12,752,510.40. The disclosure for this sale can be found here. Insiders sold 10,800 shares of company stock worth $818,280 over the last ninety days. Corporate insiders own 4.93% of the company’s stock.
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Prosperity Bancshares 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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