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

Olstein Capital Management L.P. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 30.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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.

A number of other large investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares in the last quarter. M&T Bank Corp grew its stake in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares in the last quarter. US Bancorp DE raised its stake in Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares in the last quarter. Tectonic Advisors LLC boosted its holdings in Prosperity Bancshares by 3.0% in the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after purchasing an additional 206 shares during the period. Finally, Tidal Investments LLC grew its position in shares of Prosperity Bancshares by 5.7% during the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank’s stock worth $279,000 after purchasing an additional 209 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 20th. The shares were 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 in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the sale, the director now directly owns 7,525 shares in the company, valued at approximately $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 worth $1,196,144. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $79.13 on Friday. The company’s 50 day moving average price is $78.93 and its two-hundred day moving average price is $74.58. The firm has a market capitalization 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. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the company posted $1.20 EPS. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. UBS Group dropped their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Wedbush reiterated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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.