BlueCrest Capital Management Ltd lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 46.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,306 shares of the bank’s stock after selling 13,259 shares during the period. BlueCrest Capital Management Ltd’s holdings in Prosperity Bancshares were worth $1,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. Royal Bank of Canada grew its position in Prosperity Bancshares by 36.3% during the second quarter. Royal Bank of Canada now owns 6,548 shares of the bank’s stock valued at $421,000 after buying an additional 1,745 shares during the period. First Trust Advisors LP grew its position in Prosperity Bancshares by 333.5% during the third quarter. First Trust Advisors LP now owns 81,931 shares of the bank’s stock valued at $5,385,000 after buying an additional 63,029 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in Prosperity Bancshares during the third quarter valued at $483,000. Canada Pension Plan Investment Board acquired a new stake in Prosperity Bancshares during the third quarter valued at $105,000. Finally, State Board of Administration of Florida Retirement System grew its position in Prosperity Bancshares by 7.0% during the third quarter. State Board of Administration of Florida Retirement System now owns 36,912 shares of the bank’s stock valued at $2,426,000 after buying an additional 2,420 shares during the period. 77.78% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares, Inc. (PB) opened at $77.81 on Wednesday. The firm has a market cap of $5,489.47, a PE ratio of 19.80, a P/E/G ratio of 1.65 and a beta of 1.32. Prosperity Bancshares, Inc. has a 52-week low of $55.84 and a 52-week high of $79.20.
Prosperity Bancshares declared that its Board of Directors has approved a share repurchase program on Friday, January 19th that permits the company to buyback 3,470,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a yield of 1.85%. Prosperity Bancshares’s payout ratio is presently 36.64%.
In other Prosperity Bancshares news, insider Michael Epps sold 4,000 shares of Prosperity Bancshares stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $75.15, for a total transaction of $300,600.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO David Hollaway sold 1,800 shares of Prosperity Bancshares stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $75.60, for a total transaction of $136,080.00. Following the transaction, the chief financial officer now directly owns 168,684 shares in the company, valued at $12,752,510.40. The disclosure for this sale can be found here. Insiders have sold 10,800 shares of company stock worth $818,280 over the last 90 days. 4.93% of the stock is currently owned by company insiders.
Several analysts recently commented on the stock. ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. DA Davidson lifted their target price on shares of Prosperity Bancshares to $80.00 and gave the company a “neutral” rating in a research report on Thursday, January 25th. SunTrust Banks reiterated a “buy” rating and issued a $85.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 25th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $73.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $74.45.
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About Prosperity Bancshares
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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