Ameritas Investment Partners Inc. reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.7% during the first quarter, Holdings Channel reports. The firm owned 26,133 shares of the bank’s stock after selling 457 shares during the period. Ameritas Investment Partners Inc.’s holdings in Prosperity Bancshares were worth $1,822,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in Prosperity Bancshares during the fourth quarter worth $17,389,000. United Services Automobile Association raised its position in Prosperity Bancshares by 9.5% in the third quarter. United Services Automobile Association now owns 122,330 shares of the bank’s stock worth $6,715,000 after buying an additional 10,660 shares during the period. Texas Permanent School Fund raised its position in Prosperity Bancshares by 5.9% in the third quarter. Texas Permanent School Fund now owns 52,929 shares of the bank’s stock worth $2,905,000 after buying an additional 2,926 shares during the period. New York State Common Retirement Fund raised its position in Prosperity Bancshares by 8.7% in the third quarter. New York State Common Retirement Fund now owns 75,454 shares of the bank’s stock worth $4,142,000 after buying an additional 6,054 shares during the period. Finally, BlackRock Group LTD raised its position in Prosperity Bancshares by 0.7% in the third quarter. BlackRock Group LTD now owns 46,469 shares of the bank’s stock worth $2,551,000 after buying an additional 332 shares during the period. Institutional investors and hedge funds own 73.59% of the company’s stock.
Prosperity Bancshares, Inc. (NYSE:PB) traded up 1.18% during midday trading on Friday, hitting $64.29. The stock had a trading volume of 335,804 shares. The firm has a market cap of $4.47 billion, a P/E ratio of 16.30 and a beta of 1.30. The stock has a 50-day moving average of $67.14 and a 200-day moving average of $69.17. Prosperity Bancshares, Inc. has a 52 week low of $44.87 and a 52 week high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 26th. The bank reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.02. The company had revenue of $183.25 million during the quarter, compared to analysts’ expectations of $185.03 million. Prosperity Bancshares had a return on equity of 7.69% and a net margin of 34.56%. Prosperity Bancshares’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post $4.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 16th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.14%. Prosperity Bancshares’s dividend payout ratio is currently 34.52%.
PB has been the subject of a number of recent analyst reports. Hovde Group lowered Prosperity Bancshares to a “market perform” rating in a research report on Monday, February 27th. Zacks Investment Research lowered Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Monday, February 27th. FBR & Co raised their price objective on Prosperity Bancshares from $73.00 to $75.00 and gave the stock a “mkt perform” rating in a research report on Thursday, January 26th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Prosperity Bancshares in a research report on Thursday, April 6th. Finally, Keefe, Bruyette & Woods lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $81.00 to $76.00 in a research report on Thursday, April 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $65.11.
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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