Paloma Partners Management Co lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 142.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 32,241 shares of the bank’s stock after purchasing an additional 18,931 shares during the quarter. Paloma Partners Management Co’s holdings in Prosperity Bancshares were worth $2,259,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of PB. Janus Henderson Group PLC raised its position in shares of Prosperity Bancshares by 108.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,957,916 shares of the bank’s stock valued at $128,701,000 after purchasing an additional 1,017,115 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of Prosperity Bancshares by 59.5% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 684,927 shares of the bank’s stock valued at $45,020,000 after purchasing an additional 255,384 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Prosperity Bancshares by 3,568.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 190,669 shares of the bank’s stock valued at $12,532,000 after purchasing an additional 185,472 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Prosperity Bancshares by 60.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 368,578 shares of the bank’s stock valued at $24,226,000 after purchasing an additional 138,258 shares in the last quarter. Finally, Maltese Capital Management LLC raised its position in shares of Prosperity Bancshares by 97.8% in the 3rd quarter. Maltese Capital Management LLC now owns 171,900 shares of the bank’s stock valued at $11,299,000 after purchasing an additional 85,000 shares in the last quarter. Institutional investors and hedge funds own 77.78% of the company’s stock.
Prosperity Bancshares, Inc. (PB) opened at $77.81 on Wednesday. The company has a market capitalization of $5,495.75, a price-to-earnings ratio of 19.80, a P/E/G ratio of 1.65 and a beta of 1.32. Prosperity Bancshares, Inc. has a 52 week low of $55.84 and a 52 week high of $79.20.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.85%. Prosperity Bancshares’s payout ratio is currently 36.64%.
Prosperity Bancshares announced that its Board of Directors has authorized a stock buyback plan on Friday, January 19th that permits the company to repurchase 3,470,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts recently issued reports on the company. DA Davidson upped their price target on Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. SunTrust Banks reissued a “buy” rating and set a $85.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 25th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research lowered Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a research report on Friday, December 22nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus price target of $74.45.
In other news, insider Michael Epps sold 4,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total value of $300,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Hollaway sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $76.32, for a total value of $381,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,800 shares of company stock valued at $818,280. 4.93% of the stock is owned by company insiders.
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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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