State of Wisconsin Investment Board reduced its stake in shares of Prosperity Bancshares (NYSE:PB) by 13.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 184,310 shares of the bank’s stock after selling 29,369 shares during the period. State of Wisconsin Investment Board owned approximately 0.26% of Prosperity Bancshares worth $13,386,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Brown Advisory Inc. boosted its position in shares of Prosperity Bancshares by 3.0% during the 4th quarter. Brown Advisory Inc. now owns 510,571 shares of the bank’s stock worth $35,775,000 after purchasing an additional 14,762 shares in the last quarter. New Mexico Educational Retirement Board purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth $1,205,000. Citadel Advisors LLC boosted its position in shares of Prosperity Bancshares by 120.5% during the 4th quarter. Citadel Advisors LLC now owns 23,984 shares of the bank’s stock worth $1,681,000 after purchasing an additional 13,105 shares in the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth $3,081,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Prosperity Bancshares by 0.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,015,328 shares of the bank’s stock worth $71,145,000 after purchasing an additional 8,779 shares in the last quarter. Institutional investors own 77.26% of the company’s stock.
In related news, insider Randy Hester sold 5,000 shares of the business’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $73.13, for a total value of $365,650.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ned S. Holmes sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $74.46, for a total transaction of $3,723,000.00. The disclosure for this sale can be found here. Insiders own 5.05% of the company’s stock.
Several research analysts have recently issued reports on the company. DA Davidson lifted their price target on Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. SunTrust Banks reaffirmed a “buy” rating and set a $85.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 25th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, May 12th. Zacks Investment Research downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Finally, FIG Partners reaffirmed a “market-perform” rating on shares of Prosperity Bancshares in a research note on Monday, April 16th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $74.91.
Prosperity Bancshares opened at $74.15 on Friday, MarketBeat reports. The firm has a market cap of $5.18 billion, a PE ratio of 18.40, a PEG ratio of 1.60 and a beta of 1.34. Prosperity Bancshares has a 52-week low of $55.84 and a 52-week high of $79.20.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 25th. The bank reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.07). Prosperity Bancshares had a return on equity of 7.34% and a net margin of 34.87%. The firm had revenue of $181.16 million for the quarter, compared to analyst estimates of $180.97 million. During the same period last year, the firm earned $0.99 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. research analysts forecast that Prosperity Bancshares will post 4.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 15th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, June 14th. Prosperity Bancshares’s payout ratio is 36.55%.
Prosperity Bancshares Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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