King Luther Capital Management Corp grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 125.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 62,522 shares of the bank’s stock after purchasing an additional 34,754 shares during the period. King Luther Capital Management Corp owned approximately 0.09% of Prosperity Bancshares worth $4,336,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Sun Life Financial INC bought a new position in Prosperity Bancshares during the second quarter valued at about $127,000. Oppenheimer Asset Management Inc. bought a new position in Prosperity Bancshares during the third quarter valued at about $200,000. Benjamin F. Edwards & Company Inc. bought a new position in Prosperity Bancshares during the third quarter valued at about $222,000. WINTON GROUP Ltd bought a new position in Prosperity Bancshares during the third quarter valued at about $228,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Prosperity Bancshares during the third quarter valued at about $244,000. 81.31% of the stock is currently owned by institutional investors.
NYSE:PB opened at $66.09 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $60.15 and a 1-year high of $79.20. The firm has a market capitalization of $4.65 billion, a P/E ratio of 15.09, a P/E/G ratio of 1.71 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 24th. The bank reported $1.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.18. Prosperity Bancshares had a return on equity of 7.86% and a net margin of 36.91%. The business had revenue of $187.94 million during the quarter, compared to analyst estimates of $189.08 million. During the same quarter last year, the company posted $0.98 EPS. Research analysts expect 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. Investors of record on Saturday, December 15th will be given a $0.41 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, December 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.48%. Prosperity Bancshares’s dividend payout ratio (DPR) is 36.55%.
In related news, Director Robert H. Steelhammer sold 2,180 shares of the stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $65.44, for a total value of $142,659.20. Following the completion of the transaction, the director now owns 133,055 shares in the company, valued at approximately $8,707,119.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 3,615 shares of the stock in a transaction on 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 transaction, the director now owns 135,235 shares of the company’s stock, valued at approximately $8,515,747.95. The disclosure for this sale can be found here. Company insiders own 5.05% of the company’s stock.
Several research analysts recently weighed in on PB shares. SunTrust Banks decreased their target price on Prosperity Bancshares to $68.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. They noted that the move was a valuation call. Morgan Stanley decreased their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 18th. Stephens set a $70.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Wednesday, October 24th. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Finally, Robert W. Baird raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research note on Thursday, October 25th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Prosperity Bancshares has an average rating of “Hold” and an average target price of $73.60.
About Prosperity Bancshares
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.
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