Suntrust Banks Inc. increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,466 shares of the bank’s stock after acquiring an additional 204 shares during the quarter. Suntrust Banks Inc.’s holdings in Prosperity Bancshares were worth $479,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Sigma Planning Corp boosted its stake in Prosperity Bancshares by 0.5% during the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock worth $337,000 after buying an additional 26 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Prosperity Bancshares by 0.6% during the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock worth $489,000 after buying an additional 40 shares in the last quarter. World Asset Management Inc boosted its stake in Prosperity Bancshares by 2.2% during the second quarter. World Asset Management Inc now owns 4,358 shares of the bank’s stock worth $280,000 after buying an additional 93 shares in the last quarter. Bank of Montreal Can boosted its stake in Prosperity Bancshares by 0.5% during the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock worth $1,348,000 after buying an additional 98 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Prosperity Bancshares by 2.2% during the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock worth $340,000 after buying an additional 114 shares in the last quarter. 72.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at 64.91 on Wednesday. Prosperity Bancshares, Inc. has a 52 week low of $52.81 and a 52 week high of $77.87. The firm has a market cap of $4.51 billion, a P/E ratio of 16.43 and a beta of 1.36. The stock has a 50 day moving average of $61.65 and a 200 day moving average of $64.46.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The company had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. During the same quarter in the previous year, the business posted $0.98 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post $3.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Thursday, September 14th. Prosperity Bancshares’s payout ratio is currently 34.34%.
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In related news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $61.51, for a total value of $307,550.00. Following the transaction, the director now 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 the SEC website. 4.93% of the stock is currently owned by company insiders.
A number of equities research analysts have weighed in on PB shares. Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Barclays PLC started coverage on shares of Prosperity Bancshares in a research note on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price target on the stock. BidaskClub downgraded shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 16th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research note on Friday, September 8th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $69.95.
Prosperity Bancshares Company Profile
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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