Olstein Capital Management L.P. lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 124,950 shares of the bank’s stock after selling 2,450 shares during the period. Olstein Capital Management L.P.’s holdings in Prosperity Bancshares were worth $8,542,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Private Vista LLC bought a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $209,000. Gideon Capital Advisors Inc. bought a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $218,000. GWM Advisors LLC bought a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $212,000. GSA Capital Partners LLP bought a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $228,000. Finally, Ramsey Quantitative Systems bought a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $322,000. Institutional investors and hedge funds own 77.43% of the company’s stock.
Shares of Prosperity Bancshares stock opened at $74.64 on Monday. Prosperity Bancshares, Inc. has a 12-month low of $55.84 and a 12-month high of $79.20. The company has a market cap of $5.09 billion, a PE ratio of 18.94, a P/E/G ratio of 1.58 and a beta of 1.27.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 25th. The bank reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.02. Prosperity Bancshares had a return on equity of 7.59% and a net margin of 35.75%. The company had revenue of $190.17 million for the quarter, compared to analysts’ expectations of $186.33 million. During the same quarter in the prior year, the business posted $0.99 EPS. The business’s revenue was up 5.6% compared to the same quarter last year. research analysts forecast that Prosperity Bancshares, Inc. will post 4.62 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Saturday, September 15th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, September 13th. Prosperity Bancshares’s dividend payout ratio is currently 36.55%.
Several equities research analysts have commented on the company. SunTrust Banks restated a “buy” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Friday, July 27th. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Hovde Group upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 target price on the stock in a research note on Monday, July 9th. Deutsche Bank upped their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Friday, May 4th. Finally, Stephens reiterated a “hold” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a research note on Wednesday, July 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $74.80.
In other news, Director Harrison Stafford II sold 1,900 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $72.97, for a total transaction of $138,643.00. Following the sale, the director now owns 103,562 shares in the company, valued at approximately $7,556,919.14. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 5.05% of the company’s stock.
Prosperity Bancshares Profile
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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