State of Alaska Department of Revenue bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 3,900 shares of the bank’s stock, valued at approximately $273,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. lifted its holdings in Prosperity Bancshares by 6.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 391,276 shares of the bank’s stock valued at $27,417,000 after purchasing an additional 24,013 shares in the last quarter. Wasatch Advisors Inc. lifted its holdings in Prosperity Bancshares by 36.3% in the 4th quarter. Wasatch Advisors Inc. now owns 227,850 shares of the bank’s stock valued at $15,965,000 after purchasing an additional 60,739 shares in the last quarter. Bank of Montreal Can lifted its holdings in Prosperity Bancshares by 11.7% in the 4th quarter. Bank of Montreal Can now owns 23,694 shares of the bank’s stock valued at $1,661,000 after purchasing an additional 2,473 shares in the last quarter. New England Research & Management Inc. lifted its holdings in Prosperity Bancshares by 6.8% in the 4th quarter. New England Research & Management Inc. now owns 33,134 shares of the bank’s stock valued at $2,322,000 after purchasing an additional 2,100 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Prosperity Bancshares by 2.4% in the 3rd quarter. California Public Employees Retirement System now owns 174,841 shares of the bank’s stock valued at $11,492,000 after purchasing an additional 4,025 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Several research analysts have recently weighed in on the stock. DA Davidson increased their price objective on shares of Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. SunTrust Banks reiterated a “buy” rating and set a $85.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 25th. ValuEngine lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. Piper Jaffray Companies reiterated a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Finally, Barclays increased their price objective on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $74.45.

In related news, insider Michael Epps sold 4,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $75.15, for a total transaction of $300,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Hollaway sold 1,800 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was 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 of the company’s stock, valued at approximately $12,752,510.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,800 shares of company stock valued at $818,280. Corporate insiders own 4.93% of the company’s stock.

Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at $73.56 on Wednesday. The stock has a market cap of $5,049.22, a P/E ratio of 18.40, a P/E/G ratio of 1.51 and a beta of 1.37. Prosperity Bancshares, Inc. has a 1 year low of $55.84 and a 1 year high of $77.89.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 24th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The business had revenue of $185.27 million for the quarter, compared to analyst estimates of $185.43 million. Prosperity Bancshares had a return on equity of 7.28% and a net margin of 34.28%. During the same period last year, the company posted $0.99 EPS. research analysts anticipate that Prosperity Bancshares, Inc. will post 4.81 earnings per share for the current year.

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. This represents a $1.44 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.64%.

Prosperity Bancshares announced that its board has initiated a share buyback program on Friday, January 19th that allows the company to buyback 3,470,000 shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

TRADEMARK VIOLATION WARNING: This piece of content was first reported by Daily Political and is the property of of Daily Political. If you are accessing this piece of content on another publication, it was illegally copied and republished in violation of United States and international copyright legislation. The legal version of this piece of content can be read at https://www.dailypolitical.com/2018/02/07/state-of-alaska-department-of-revenue-buys-shares-of-3900-prosperity-bancshares-inc-pb.html.

About Prosperity Bancshares

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.

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB).

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

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.