Dimensional Fund Advisors LP lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,721,579 shares of the bank’s stock after selling 10,248 shares during the period. Dimensional Fund Advisors LP owned about 2.47% of Prosperity Bancshares worth $119,391,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. BNP Paribas Arbitrage SA grew its holdings in shares of Prosperity Bancshares by 36.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 19,402 shares of the bank’s stock worth $1,326,000 after purchasing an additional 5,202 shares during the period. TD Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 4.5% during the 2nd quarter. TD Asset Management Inc. now owns 25,100 shares of the bank’s stock worth $1,716,000 after purchasing an additional 1,080 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Prosperity Bancshares by 13.3% during the 2nd quarter. Victory Capital Management Inc. now owns 37,832 shares of the bank’s stock worth $2,586,000 after purchasing an additional 4,453 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Prosperity Bancshares during the 2nd quarter worth $1,289,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of Prosperity Bancshares by 59.7% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 43,862 shares of the bank’s stock worth $2,998,000 after purchasing an additional 16,390 shares during the period. Hedge funds and other institutional investors own 81.31% of the company’s stock.
Shares of Prosperity Bancshares stock opened at $66.09 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $60.15 and a 12 month high of $79.20. The stock has a market cap of $4.65 billion, a P/E ratio of 16.77, a PEG ratio of 1.71 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.18. The company had revenue of $187.94 million for the quarter, compared to analyst estimates of $189.08 million. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. During the same quarter last year, the company earned $0.98 EPS. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 4.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Saturday, December 15th will be given a $0.41 dividend. The ex-dividend date is Thursday, December 13th. This represents a $1.64 dividend on an annualized basis and a yield of 2.48%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.36. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 36.55%.
PB has been the subject of a number of research analyst reports. Morgan Stanley lowered their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating for the company in a report on Tuesday, September 18th. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Stephens set a $70.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a report on Wednesday, October 24th. Robert W. Baird upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a report on Thursday, October 25th. Finally, SunTrust Banks lowered their target price on Prosperity Bancshares to $68.00 and set a “buy” rating for the company in a report on Thursday, October 25th. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $73.60.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,180 shares of the stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $65.44, for a total value of $142,659.20. Following the sale, the director now owns 133,055 shares of the company’s stock, valued at approximately $8,707,119.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Steelhammer sold 3,615 shares of the stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $62.97, for a total value of $227,636.55. Following the completion of the sale, the director now directly owns 135,235 shares in the company, valued at approximately $8,515,747.95. The disclosure for this sale can be found here. 5.05% of the stock is owned by company insiders.
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.
Read More: Institutional Investors
Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB).
Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.