UBS Asset Management Americas Inc. lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 24.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,490 shares of the bank’s stock after buying an additional 8,940 shares during the period. UBS Asset Management Americas Inc. owned about 0.07% of Prosperity Bancshares worth $2,922,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Huntington National Bank raised its holdings in shares of Prosperity Bancshares by 9.2% in the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after buying an additional 143 shares in the last quarter. Pacad Investment Ltd. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter worth approximately $109,000. PNC Financial Services Group Inc. raised its holdings in shares of Prosperity Bancshares by 13.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after buying an additional 269 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Prosperity Bancshares by 17.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after buying an additional 369 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 42.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after buying an additional 1,028 shares in the last quarter. 72.88% of the stock is owned by institutional investors and hedge funds.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.01). The company had revenue of $180.01 million for the quarter, compared to analyst estimates 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 last year, the company posted $0.98 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.13%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 34.34%.
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In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $61.51, for a total transaction of $307,550.00. Following the completion of the transaction, the director now directly owns 142,800 shares in the company, valued at $8,783,628. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.93% of the stock is currently owned by corporate insiders.
A number of equities analysts have recently issued reports on PB shares. Hovde Group dropped their target price on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating for the company in a report on Monday, June 26th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Royal Bank Of Canada reissued a “hold” rating and issued a $71.00 target price on shares of Prosperity Bancshares in a report on Friday, September 8th. Stephens set a $73.00 target price on Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday, July 26th. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Monday, October 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $71.05.
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.
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