Wright Investors Service Inc. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 9.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,395 shares of the bank’s stock after selling 435 shares during the period. Wright Investors Service Inc.’s holdings in Prosperity Bancshares were worth $282,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Prosperity Bancshares by 17,208.1% in the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock worth $509,091,000 after buying an additional 7,260,798 shares during the last quarter. Vanguard Group Inc. increased its stake in Prosperity Bancshares by 6.5% in the first quarter. Vanguard Group Inc. now owns 6,056,179 shares of the bank’s stock worth $422,176,000 after buying an additional 370,991 shares during the last quarter. State Street Corp increased its stake in Prosperity Bancshares by 16.0% in the first quarter. State Street Corp now owns 3,550,676 shares of the bank’s stock worth $247,517,000 after buying an additional 489,811 shares during the last quarter. FMR LLC raised its stake in Prosperity Bancshares by 43.7% in the first quarter. FMR LLC now owns 1,729,603 shares of the bank’s stock worth $120,571,000 after buying an additional 526,028 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,686,354 shares of the bank’s stock worth $117,559,000 after buying an additional 98,712 shares in the last quarter. Institutional investors own 75.45% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at 62.07 on Friday. The company has a market capitalization of $4.31 billion, a P/E ratio of 15.71 and a beta of 1.33. Prosperity Bancshares, Inc. has a 12-month low of $51.94 and a 12-month high of $77.87. The company’s 50 day moving average is $64.32 and its 200 day moving average is $68.01.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.01. The business had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the prior year, the business posted $0.98 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post $3.99 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.34 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.19%. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
A number of equities research analysts have recently issued reports on the stock. Piper Jaffray Companies restated a “hold” rating and set a $73.50 price target on shares of Prosperity Bancshares in a report on Friday, July 14th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. UBS AG lowered shares of Prosperity Bancshares to an “underperform” rating in a report on Thursday. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday. Finally, Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.25.
In other news, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total value of $257,400.00. Following the sale, the director now directly owns 147,800 shares in the company, valued at approximately $9,510,930. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the completion of the sale, the director now owns 156,800 shares in the company, valued at $10,207,680. The disclosure for this sale can be found here. 4.93% of the stock is currently owned by company insiders.
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.
What are top analysts saying about Prosperity Bancshares Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Prosperity Bancshares Inc. and related companies.