Teachers Advisors LLC decreased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 32.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,954 shares of the bank’s stock after selling 37,274 shares during the period. Teachers Advisors LLC owned 0.11% of Prosperity Bancshares worth $4,944,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Seven Eight Capital LP acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $1,182,000. Jacobson & Schmitt Advisors LLC increased its stake in shares of Prosperity Bancshares by 3.2% in the second quarter. Jacobson & Schmitt Advisors LLC now owns 89,200 shares of the bank’s stock valued at $5,730,000 after buying an additional 2,737 shares during the period. Riverhead Capital Management LLC increased its stake in shares of Prosperity Bancshares by 42.8% in the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after buying an additional 1,028 shares during the period. Systematic Financial Management LP acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $1,773,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Prosperity Bancshares by 196.8% in the second quarter. JPMorgan Chase & Co. now owns 180,721 shares of the bank’s stock valued at $11,609,000 after buying an additional 119,835 shares during the period. 72.88% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on PB shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. BidaskClub cut Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Stephens set a $73.00 price target on Prosperity Bancshares and gave the company a “hold” rating in a research note on Wednesday, July 26th. Royal Bank Of Canada reissued a “hold” rating and issued a $71.00 price target on shares of Prosperity Bancshares in a research note on Friday, September 8th. Finally, Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Three equities 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 stock. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $69.95.
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In related news, Director Robert H. Steelhammer sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $61.51, for a total transaction of $307,550.00. Following the transaction, the director now owns 142,800 shares in the company, valued at approximately $8,783,628. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.93% of the stock is owned by insiders.
Shares of Prosperity Bancshares, Inc. (PB) opened at 64.91 on Wednesday. The company’s 50 day moving average price is $61.65 and its 200 day moving average price is $64.46. The company has a market cap of $4.51 billion, a price-to-earnings ratio of 16.43 and a beta of 1.36. Prosperity Bancshares, Inc. has a 12 month low of $52.81 and a 12 month high of $77.87.
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 analysts’ consensus estimates of $1.00 by ($0.01). Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The business had revenue of $180.01 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same quarter in the prior year, the firm earned $0.98 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post $3.96 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.10%. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
Prosperity Bancshares 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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