Prudential Financial Inc. trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 34.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,866 shares of the bank’s stock after selling 56,130 shares during the quarter. Prudential Financial Inc. owned about 0.16% of Prosperity Bancshares worth $7,090,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of PB. Sigma Planning Corp boosted its position in shares of Prosperity Bancshares by 0.5% during the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock valued at $337,000 after buying an additional 26 shares during the period. World Asset Management Inc boosted its position in shares of Prosperity Bancshares by 2.2% during the second quarter. World Asset Management Inc now owns 4,358 shares of the bank’s stock valued at $280,000 after buying an additional 93 shares during the period. Bank of Montreal Can boosted its position in shares of Prosperity Bancshares by 0.5% during the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after buying an additional 98 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Prosperity Bancshares by 2.2% during the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock valued at $340,000 after buying an additional 114 shares during the period. Finally, Huntington National Bank boosted its position in shares of Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the period. 76.92% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares, Inc. (NYSE PB) traded up $1.62 during trading hours on Tuesday, reaching $71.45. 528,400 shares of the company’s stock traded hands, compared to its average volume of 465,312. Prosperity Bancshares, Inc. has a one year low of $55.84 and a one year high of $77.87. The stock has a market capitalization of $4,960.00, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 1.77 and a beta of 1.37.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. During the same period in the prior year, the company posted $0.99 EPS. equities research analysts anticipate that Prosperity Bancshares, Inc. will post 3.95 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio is 34.52%.
A number of analysts recently issued reports on PB shares. ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research report on Friday, September 8th. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Raymond James Financial reissued an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $71.45.
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Prosperity Bancshares 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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