Wells Fargo & Company MN Reduces Holdings in Prosperity Bancshares, Inc. (PB)

Wells Fargo & Company MN lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 8.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,582 shares of the bank’s stock after selling 1,986 shares during the period. Wells Fargo & Company MN’s holdings in Prosperity Bancshares were worth $1,353,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Prosperity Bancshares by 196.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 180,721 shares of the bank’s stock valued at $11,609,000 after purchasing an additional 119,835 shares during the period. Riverhead Capital Management LLC raised its stake in Prosperity Bancshares by 42.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after purchasing an additional 1,028 shares during the period. TIAA CREF Investment Management LLC raised its stake in Prosperity Bancshares by 6.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 193,322 shares of the bank’s stock valued at $12,419,000 after purchasing an additional 12,499 shares during the period. Amalgamated Bank raised its stake in Prosperity Bancshares by 41.4% during the 2nd quarter. Amalgamated Bank now owns 13,357 shares of the bank’s stock valued at $858,000 after purchasing an additional 3,913 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $634,000. 76.80% of the stock is currently owned by institutional investors.

Prosperity Bancshares, Inc. (NYSE PB) opened at $75.65 on Monday. Prosperity Bancshares, Inc. has a fifty-two week low of $55.84 and a fifty-two week high of $77.87. The company has a market cap of $5,256.47, a price-to-earnings ratio of 19.15, a PEG ratio of 1.62 and a beta of 1.37.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, beating 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 analysts’ expectations of $185.59 million. During the same period in the previous year, the company posted $0.99 EPS. sell-side analysts forecast that Prosperity Bancshares, Inc. will post 3.95 EPS for the current year.

Prosperity Bancshares declared that its board has approved a stock repurchase plan on Friday, January 19th that authorizes the company to buyback 3,470,000 outstanding shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were issued a dividend of $0.36 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Thursday, December 14th. Prosperity Bancshares’s payout ratio is currently 36.46%.

PB has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. SunTrust Banks reissued a “buy” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Monday, October 2nd. Barclays boosted their target price on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $79.00 target price on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, January 9th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $73.27.

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Prosperity Bancshares Company 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.

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

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