Wedge Capital Management L L P NC trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 13.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 349,609 shares of the bank’s stock after selling 56,147 shares during the period. Wedge Capital Management L L P NC owned about 0.51% of Prosperity Bancshares worth $25,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Marshall Wace North America L.P. bought a new position in shares of Prosperity Bancshares in the 1st quarter worth $35,000. Bank of Montreal Can grew its stake in Prosperity Bancshares by 9.3% in the second quarter. Bank of Montreal Can now owns 14,905 shares of the bank’s stock valued at $985,000 after purchasing an additional 1,266 shares during the last quarter. Renaissance Technologies LLC grew its stake in Prosperity Bancshares by 514.5% in the second quarter. Renaissance Technologies LLC now owns 75,588 shares of the bank’s stock valued at $4,993,000 after purchasing an additional 63,288 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Prosperity Bancshares by 119.7% in the second quarter. Canada Pension Plan Investment Board now owns 11,207 shares of the bank’s stock worth $740,000 after purchasing an additional 6,107 shares in the last quarter. Finally, Pinebridge Investments L.P. bought a new position in Prosperity Bancshares in the second quarter worth about $277,000. Institutional investors own 86.45% of the company’s stock.
Prosperity Bancshares stock opened at $69.59 on Thursday. The stock has a 50-day moving average of $71.04 and a two-hundred day moving average of $69.11. Prosperity Bancshares, Inc. has a one year low of $61.85 and a one year high of $75.36. The stock has a market cap of $4.82 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 1.37 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.01. Prosperity Bancshares had a return on equity of 8.02% and a net margin of 38.03%. The business had revenue of $184.67 million for the quarter, compared to analyst estimates of $187.48 million. During the same quarter in the previous year, the firm earned $1.18 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. Equities research analysts predict that Prosperity Bancshares, Inc. will post 4.79 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Monday, December 16th were paid a $0.46 dividend. The ex-dividend date was Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.41. This represents a $1.84 dividend on an annualized basis and a yield of 2.64%. Prosperity Bancshares’s dividend payout ratio (DPR) is 39.91%.
In related news, COO Kevin J. Hanigan bought 3,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were bought at an average price of $69.24 per share, with a total value of $207,720.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.86% of the stock is owned by company insiders.
A number of analysts have recently weighed in on PB shares. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price target on the stock. in a report on Thursday, October 3rd. ValuEngine cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, December 20th. Morgan Stanley lowered their target price on shares of Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Hovde Group lowered shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, December 11th. Finally, Piper Jaffray Companies set a $75.50 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $73.17.
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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