Olstein Capital Management L.P. Sells 6,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Olstein Capital Management L.P. decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 30.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,000 shares of the bank’s stock after selling 6,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Prosperity Bancshares were worth $1,055,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP boosted its position in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. UMB Bank n.a. raised its stake in Prosperity Bancshares by 102.7% during the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after buying an additional 300 shares during the period. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after acquiring an additional 227 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after acquiring an additional 554 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $79.13 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The company has a market cap of $7.54 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.11 and a beta of 0.93. The stock’s 50-day simple moving average is $78.93 and its 200 day simple moving average is $74.58.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the previous year, the firm earned $1.20 EPS. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 2.93%. Prosperity Bancshares’s payout ratio is 49.26%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares of the company’s stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares in the company, valued at $626,381. This represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,600 shares of company stock valued at $1,196,144. 4.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Finally, Barclays boosted their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $81.38.

Prosperity Bancshares Company Profile

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.