Bank of Montreal Can Acquires 2,473 Shares of Prosperity Bancshares, Inc. (PB)
Bank of Montreal Can boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 11.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,694 shares of the bank’s stock after buying an additional 2,473 shares during the period. Bank of Montreal Can’s holdings in Prosperity Bancshares were worth $1,661,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PB. Canada Pension Plan Investment Board acquired a new stake in Prosperity Bancshares during the third quarter worth about $105,000. PNC Financial Services Group Inc. grew its stake in Prosperity Bancshares by 8.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after buying an additional 185 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Prosperity Bancshares during the second quarter worth about $288,000. Koch Industries Inc. acquired a new stake in Prosperity Bancshares during the second quarter worth about $333,000. Finally, Wright Investors Service Inc. grew its stake in Prosperity Bancshares by 20.0% during the third quarter. Wright Investors Service Inc. now owns 5,275 shares of the bank’s stock worth $347,000 after buying an additional 880 shares in the last quarter. Hedge funds and other institutional investors own 76.63% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at $74.76 on Wednesday. Prosperity Bancshares, Inc. has a 1 year low of $55.84 and a 1 year high of $77.89. The company has a market cap of $5,081.18, a P/E ratio of 18.96, a P/E/G ratio of 1.53 and a beta of 1.37.
Prosperity Bancshares declared that its board has initiated a stock repurchase program on Friday, January 19th that permits the company to buyback 3,470,000 shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.44 annualized dividend and a yield of 1.93%. Prosperity Bancshares’s dividend payout ratio is presently 36.64%.
In related news, CFO David Hollaway sold 1,800 shares of Prosperity Bancshares stock in a transaction that occurred 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 approximately $12,752,510.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Epps sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total transaction of $300,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,800 shares of company stock worth $818,280. 4.93% of the stock is owned by corporate insiders.
PB has been the topic of a number of analyst reports. Hovde Group downgraded shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $70.00 to $68.00 in a research note on Tuesday, January 2nd. SunTrust Banks restated a “buy” rating and issued a $85.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 25th. DA Davidson raised their price target on shares of Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $79.00 price target on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Four analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $74.45.
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Prosperity Bancshares Company 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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