Wedge Capital Management L L P NC lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 672,142 shares of the bank’s stock after selling 28,249 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Prosperity Bancshares were worth $46,613,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in PB. Findlay Park Partners LLP increased its holdings in shares of Prosperity Bancshares by 53.1% in the 2nd quarter. Findlay Park Partners LLP now owns 2,924,575 shares of the bank’s stock valued at $199,924,000 after purchasing an additional 1,014,890 shares in the last quarter. Millennium Management LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $17,134,000. Envestnet Asset Management Inc. increased its holdings in Prosperity Bancshares by 215,080.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 167,841 shares of the bank’s stock valued at $11,473,000 after acquiring an additional 167,763 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Prosperity Bancshares by 55.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 327,756 shares of the bank’s stock valued at $22,402,000 after acquiring an additional 116,786 shares in the last quarter. Finally, Raymond James & Associates purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $7,485,000. Institutional investors and hedge funds own 77.61% of the company’s stock.
Prosperity Bancshares stock opened at $67.47 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $60.15 and a 12-month high of $79.20. The stock has a market cap of $4.54 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 1.67 and a beta of 1.31.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.18. Prosperity Bancshares had a net margin of 36.91% and a return on equity of 7.86%. The company had revenue of $187.94 million for the quarter, compared to analysts’ expectations of $189.08 million. During the same period last year, the company earned $0.98 EPS. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 4.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Saturday, December 15th will be paid a dividend of $0.41 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.36. This represents a $1.64 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 36.55%.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 3,615 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $62.97, for a total transaction of $227,636.55. Following the sale, the director now directly owns 135,235 shares of the company’s stock, valued at approximately $8,515,747.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harrison Stafford II sold 1,900 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $72.97, for a total transaction of $138,643.00. Following the sale, the director now directly owns 103,562 shares in the company, valued at $7,556,919.14. The disclosure for this sale can be found here. Insiders have sold a total of 8,695 shares of company stock worth $585,029 over the last ninety days. 5.05% of the stock is owned by corporate insiders.
Several research firms have weighed in on PB. SunTrust Banks restated a “buy” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Friday, July 27th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 26th. Robert W. Baird upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a report on Thursday, October 25th. Hovde Group upgraded shares of Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 target price for the company in a report on Monday, July 9th. Finally, Stephens restated a “hold” rating and set a $75.00 target price on shares of Prosperity Bancshares in a report on Wednesday, July 25th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares has an average rating of “Hold” and an average target price of $73.60.
About Prosperity Bancshares
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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