JPMorgan Chase & Co. Sells 127,262 Shares of Prosperity Bancshares, Inc. (PB)

JPMorgan Chase & Co. lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 70.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 53,459 shares of the bank’s stock after selling 127,262 shares during the period. JPMorgan Chase & Co. owned approximately 0.08% of Prosperity Bancshares worth $3,453,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its position in shares of Prosperity Bancshares by 8.3% in the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock worth $156,000 after purchasing an additional 185 shares during the period. Suntrust Banks Inc. grew its position in Prosperity Bancshares by 2.8% in the second quarter. Suntrust Banks Inc. now owns 7,466 shares of the bank’s stock valued at $479,000 after acquiring an additional 204 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Prosperity Bancshares by 17.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after acquiring an additional 369 shares during the last quarter. North Star Asset Management Inc. grew its position in Prosperity Bancshares by 0.9% in the second quarter. North Star Asset Management Inc. now owns 85,230 shares of the bank’s stock valued at $5,475,000 after acquiring an additional 757 shares during the last quarter. Finally, Pinebridge Investments L.P. grew its position in Prosperity Bancshares by 2.2% in the second quarter. Pinebridge Investments L.P. now owns 37,269 shares of the bank’s stock valued at $2,393,000 after acquiring an additional 799 shares during the last quarter. Institutional investors own 76.80% of the company’s stock.

Prosperity Bancshares, Inc. (NYSE PB) opened at $72.85 on Thursday. The company has a market capitalization of $5,060.00, a P/E ratio of 18.49, a P/E/G ratio of 1.67 and a beta of 1.37. Prosperity Bancshares, Inc. has a 12 month low of $55.84 and a 12 month high of $77.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.02. The company had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same period in the previous year, the firm earned $0.99 earnings per share. equities research analysts predict that Prosperity Bancshares, Inc. will post 3.95 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.98%. Prosperity Bancshares’s payout ratio is 36.55%.

PB has been the topic of a number of recent analyst reports. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. SunTrust Banks reiterated a “buy” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research report on Monday, October 2nd. ValuEngine cut Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Finally, Hovde Group lowered Prosperity Bancshares from a “market perform” rating to an “underperform” rating and cut their price target for the company from $70.00 to $68.00 in a research note on Tuesday, January 2nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $73.27.

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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.

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

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