Huntington National Bank lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 15.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,436 shares of the bank’s stock after selling 267 shares during the period. Huntington National Bank’s holdings in Prosperity Bancshares were worth $101,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Quest Capital Management Inc. ADV acquired a new position in Prosperity Bancshares during the third quarter valued at approximately $26,000. Marshall Wace North America L.P. acquired a new position in Prosperity Bancshares during the first quarter valued at approximately $35,000. Pearl River Capital LLC acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $40,000. Steward Partners Investment Advisory LLC acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $55,000. Finally, Point72 Asset Management L.P. acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $66,000. Institutional investors own 84.47% of the company’s stock.
PB has been the topic of several analyst reports. Morgan Stanley lowered their price target on Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating on the stock in a report on Thursday, October 3rd. Piper Jaffray Companies set a $75.50 price objective on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Friday, October 25th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price objective on the stock. in a research note on Thursday, October 3rd. SunTrust Banks set a $82.00 price objective on shares of Prosperity Bancshares and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, ValuEngine upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $72.90.
Shares of Prosperity Bancshares stock traded down $0.07 during midday trading on Friday, hitting $72.05. The company had a trading volume of 335,791 shares, compared to its average volume of 499,122. The business’s 50 day simple moving average is $70.73 and its two-hundred day simple moving average is $68.43. The stock has a market cap of $4.90 billion, a PE ratio of 15.63, a P/E/G ratio of 1.50 and a beta of 1.35. Prosperity Bancshares, Inc. has a 1-year low of $57.01 and a 1-year high of $75.36.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. The business had revenue of $184.67 million for the quarter, compared to the consensus estimate of $187.48 million. Prosperity Bancshares had a net margin of 38.03% and a return on equity of 8.02%. Prosperity Bancshares’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $1.18 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 4.8 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a $0.46 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.41. This represents a $1.84 annualized dividend and a yield of 2.55%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 35.57%.
Prosperity Bancshares Company 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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