Olstein Capital Management L.P. Has $1.06 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Olstein Capital Management L.P. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 30.0% in the fourth quarter, according to the company in its most recent 13F 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 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PB. Quarry LP grew 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 acquiring an additional 416 shares during the last quarter. UMB Bank n.a. boosted 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 valued at $45,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC grew its position in Prosperity Bancshares by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank's stock worth $51,000 after purchasing an additional 227 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank's stock valued at $59,000 after purchasing an additional 534 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank's stock valued at $62,000 after buying an additional 554 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.74 during trading on Friday, hitting $79.13. The company had a trading volume of 538,969 shares, compared to its average volume of 356,014. The company has a market cap of $7.54 billion, a P/E ratio of 16.80, a PEG ratio of 1.11 and a beta of 0.93. The business's 50-day moving average is $78.93 and its 200 day moving average is $74.67. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) 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 company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. During the same period in the previous year, the firm earned $1.20 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

PB has been the subject of a number of recent analyst reports. StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, January 8th. Wedbush reissued an "outperform" rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, December 26th. Wolfe Research reiterated a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. One investment 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. According to data from MarketBeat, Prosperity Bancshares has an average rating of "Hold" and a consensus price target of $81.38.

Insider Buying and Selling at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $84.66, for a total value of $42,330.00. Following the transaction, the director now directly owns 113,315 shares in the company, valued at $9,593,247.90. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,600 shares of company stock valued at $1,196,144. 4.28% of the stock is currently owned by corporate insiders.

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.