Paloma Partners Management Co Has $2.26 Million Stake in Prosperity Bancshares, Inc. (PB)
Paloma Partners Management Co grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 142.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,241 shares of the bank’s stock after purchasing an additional 18,931 shares during the period. Paloma Partners Management Co’s holdings in Prosperity Bancshares were worth $2,259,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky lifted its stake in Prosperity Bancshares by 26.3% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 41,042 shares of the bank’s stock worth $2,876,000 after acquiring an additional 8,555 shares in the last quarter. California State Teachers Retirement System lifted its stake in Prosperity Bancshares by 0.6% in the 4th quarter. California State Teachers Retirement System now owns 111,561 shares of the bank’s stock worth $7,817,000 after acquiring an additional 677 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Prosperity Bancshares by 0.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock worth $71,145,000 after acquiring an additional 8,779 shares in the last quarter. Deutsche Bank AG lifted its stake in Prosperity Bancshares by 12.8% in the 4th quarter. Deutsche Bank AG now owns 81,620 shares of the bank’s stock worth $5,716,000 after acquiring an additional 9,242 shares in the last quarter. Finally, Quantitative Investment Management LLC purchased a new stake in Prosperity Bancshares in the 4th quarter worth about $406,000. 77.78% of the stock is owned by institutional investors and hedge funds.
Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at $77.81 on Wednesday. The stock has a market capitalization of $5,495.75, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 1.65 and a beta of 1.32. Prosperity Bancshares, Inc. has a fifty-two week low of $55.84 and a fifty-two week high of $79.20.
Prosperity Bancshares announced that its Board of Directors has approved a share buyback program on Friday, January 19th that permits the company to repurchase 3,470,000 shares. This repurchase authorization permits the bank to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 16th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 36.64%.
In other Prosperity Bancshares news, CFO David Hollaway sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $75.60, for a total value of $136,080.00. Following the completion of the sale, the chief financial officer now owns 168,684 shares in the company, valued at approximately $12,752,510.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael Epps sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $75.15, for a total value of $300,600.00. The disclosure for this sale can be found here. Insiders sold a total of 10,800 shares of company stock worth $818,280 in the last ninety days. Insiders own 4.93% of the company’s stock.
Several brokerages recently issued reports on PB. SunTrust Banks reissued a “buy” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Wednesday, November 29th. Barclays upped their target price on Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Finally, Zacks Investment Research raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Friday, December 29th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $74.45.
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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