Shelton Capital Management purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,337 shares of the bank’s stock, valued at approximately $343,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Huntington National Bank lifted its holdings in Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Prosperity Bancshares during the 2nd quarter valued at about $109,000. PNC Financial Services Group Inc. lifted its holdings in Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after buying an additional 369 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its holdings in Prosperity Bancshares by 42.8% during the 2nd 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 in the last quarter. 72.88% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on PB. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. SunTrust Banks, Inc. reiterated a “buy” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Monday, October 2nd. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price objective on shares of Prosperity Bancshares in a report on Friday, September 8th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Finally, Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. 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 company. The stock presently has an average rating of “Hold” and a consensus price target of $71.05.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now owns 137,800 shares of the company’s stock, valued at $8,268,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.93% of the stock is currently owned by corporate insiders.
Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at 63.71 on Friday. The company has a market cap of $4.43 billion, a price-to-earnings ratio of 16.13 and a beta of 1.36. The stock has a 50 day moving average of $61.81 and a 200 day moving average of $64.46. Prosperity Bancshares, Inc. has a 12-month low of $52.81 and a 12-month high of $77.87.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The business 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 period in the prior year, the company posted $0.98 EPS. Analysts forecast that Prosperity Bancshares, Inc. will post $3.94 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.13%. Prosperity Bancshares’s dividend payout ratio is presently 34.34%.
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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