Olstein Capital Management L.P. Sells 8,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Olstein Capital Management L.P. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 28.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 20,000 shares of the bank's stock after selling 8,000 shares during the period. Olstein Capital Management L.P.'s holdings in Prosperity Bancshares were worth $1,441,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Bank of New York Mellon Corp raised its position in Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank's stock valued at $57,192,000 after purchasing an additional 19,224 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank's stock worth $48,856,000 after buying an additional 14,175 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of recent research reports. Compass Point upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a "buy" rating to a "neutral" rating and cut their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Hovde Group lifted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $78.96.

Prosperity Bancshares Stock Down 2.5 %

PB traded down $2.05 during midday trading on Thursday, reaching $78.83. The company had a trading volume of 725,322 shares, compared to its average volume of 572,543. Prosperity Bancshares, Inc. has a 1 year low of $54.38 and a 1 year high of $81.11. The company has a market cap of $7.51 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.08 and a beta of 0.89. The business has a 50-day moving average of $72.58 and a two-hundred day moving average of $67.45.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the firm earned $1.20 EPS. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.94%. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio (DPR) is currently 49.26%.

About Prosperity Bancshares

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.