Third Avenue Management LLC Sells 399 Shares of Prosperity Bancshares, Inc. (PB)

Third Avenue Management LLC reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,963 shares of the company’s stock after selling 399 shares during the period. Third Avenue Management LLC owned 0.15% of Prosperity Bancshares worth $7,319,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Brown Advisory Inc. increased its stake in shares of Prosperity Bancshares by 7.3% in the fourth quarter. Brown Advisory Inc. now owns 428,245 shares of the company’s stock valued at $30,739,000 after buying an additional 29,081 shares in the last quarter. Elkfork Partners LLC purchased a new stake in shares of Prosperity Bancshares during the fourth quarter valued at $3,707,000. State Street Corp increased its stake in shares of Prosperity Bancshares by 11.5% in the fourth quarter. State Street Corp now owns 3,060,865 shares of the company’s stock valued at $219,711,000 after buying an additional 315,026 shares in the last quarter. Comerica Bank increased its stake in shares of Prosperity Bancshares by 39.3% in the fourth quarter. Comerica Bank now owns 167,167 shares of the company’s stock valued at $12,131,000 after buying an additional 47,174 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in shares of Prosperity Bancshares by 33.3% in the fourth quarter. Handelsbanken Fonder AB now owns 280,000 shares of the company’s stock valued at $20,098,000 after buying an additional 70,000 shares in the last quarter. Hedge funds and other institutional investors own 73.59% of the company’s stock.

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

Shares of Prosperity Bancshares, Inc. (NYSE:PB) traded up 1.49% during trading on Tuesday, hitting $74.83. 300,183 shares of the stock traded hands. Prosperity Bancshares, Inc. has a 1-year low of $39.23 and a 1-year high of $76.78. The company has a market cap of $5.20 billion, a PE ratio of 19.00 and a beta of 1.30. The company has a 50 day moving average of $72.49 and a 200-day moving average of $61.84.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 25th. The company reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Prosperity Bancshares had a net margin of 34.56% and a return on equity of 7.69%. The business had revenue of $183.31 million for the quarter, compared to analyst estimates of $184.46 million. During the same quarter in the prior year, the firm earned $1.01 EPS. The firm’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post $4.07 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Friday, March 17th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Wednesday, March 15th. Prosperity Bancshares’s payout ratio is 34.52%.

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Several brokerages recently weighed in on PB. FBR & Co lifted their price objective on shares of Prosperity Bancshares from $73.00 to $75.00 and gave the company a “mkt perform” rating in a research report on Thursday, January 26th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Tuesday, January 17th. Wedbush boosted their price target on shares of Prosperity Bancshares from $58.00 to $59.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 30th. Morgan Stanley downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $56.00 to $58.00 in a research report on Wednesday, November 16th. Finally, Hovde Group downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Monday, November 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $60.89.

In related news, President Edward Z. Safady sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $66.15, for a total transaction of $330,750.00. Following the transaction, the president now owns 5,329 shares in the company, valued at approximately $352,513.35. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leah Henderson sold 1,000 shares of the company’s stock in a transaction dated Thursday, December 22nd. The stock was sold at an average price of $72.74, for a total transaction of $72,740.00. Following the transaction, the director now owns 1,000 shares in the company, valued at approximately $72,740. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,000 shares of company stock worth $722,990. 4.90% of the stock is owned by insiders.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.

5 Day Chart for NYSE:PB

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