Vanguard Group Inc. increased its stake in shares of Prosperity Bancshares Inc. (NYSE:PB) by 4.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 5,293,252 shares of the company’s stock after buying an additional 219,156 shares during the period. Vanguard Group Inc. owned about 7.62% of Prosperity Bancshares worth $269,903,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Glenmede Trust Co. NA boosted its position in Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock valued at $151,000 after buying an additional 145 shares in the last quarter. LS Investment Advisors LLC boosted its position in Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock valued at $200,000 after buying an additional 1,677 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Prosperity Bancshares during the second quarter valued at $214,000. Salzhauer Michael acquired a new position in Prosperity Bancshares during the second quarter valued at $226,000. Finally, LaSalle Street Capital Management LLC boosted its position in Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock valued at $230,000 after buying an additional 152 shares in the last quarter. 80.30% of the stock is currently owned by institutional investors.
Prosperity Bancshares Inc. (NYSE:PB) opened at 55.33 on Wednesday. The firm’s 50-day moving average price is $54.38 and its 200-day moving average price is $51.67. Prosperity Bancshares Inc. has a 52-week low of $33.57 and a 52-week high of $57.04. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 13.94 and a beta of 1.29.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same period in the prior year, the firm earned $1.03 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares Inc. will post $3.94 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were issued a $0.30 dividend. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.17%. Prosperity Bancshares’s dividend payout ratio (DPR) is 30.15%.
PB has been the topic of a number of analyst reports. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, October 3rd. Hovde Group upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 29th. SunTrust Banks Inc. initiated coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating on the stock. Wedbush initiated coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating and a $54.00 price objective on the stock. Finally, FBR & Co boosted their price objective on Prosperity Bancshares from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.08.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of Prosperity Bancshares stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the sale, the director now directly owns 6,723 shares of the company’s stock, valued at $363,042. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of Prosperity Bancshares stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the sale, the director now directly owns 160,800 shares in the company, valued at $8,683,200. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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