Benjamin F. Edwards & Company Inc. grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,349 shares of the bank’s stock after purchasing an additional 1,902 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Prosperity Bancshares were worth $1,367,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quest Capital Management Inc. ADV purchased a new position in Prosperity Bancshares during the 3rd quarter valued at about $26,000. Marshall Wace North America L.P. purchased a new position in Prosperity Bancshares during the 1st quarter valued at about $35,000. Pearl River Capital LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $40,000. Steward Partners Investment Advisory LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $55,000. Finally, Point72 Asset Management L.P. purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $66,000. 86.46% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares stock traded up $0.81 during trading hours on Wednesday, hitting $68.66. The stock had a trading volume of 540,500 shares, compared to its average volume of 500,318. The stock’s 50-day moving average price is $70.90 and its 200-day moving average price is $68.16. Prosperity Bancshares, Inc. has a 12-month low of $57.01 and a 12-month high of $75.36. The stock has a market capitalization of $4.80 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 1.46 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. Prosperity Bancshares had a net margin of 38.03% and a return on equity of 8.02%. The firm had revenue of $184.67 million during the quarter, compared to analysts’ expectations of $187.48 million. During the same period in the previous year, the company earned $1.18 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 4.8 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 2.68%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.41. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 35.57%.
A number of brokerages recently issued reports on PB. Morgan Stanley lowered their price target on shares of Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price target for the company. in a research report on Thursday, October 3rd. ValuEngine raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, November 1st. SunTrust Banks set a $82.00 target price on shares of Prosperity Bancshares and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Piper Jaffray Companies set a $75.50 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $72.90.
In other Prosperity Bancshares news, COO Kevin J. Hanigan bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was bought at an average cost of $69.24 per share, for a total transaction of $207,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert J. Dowdell sold 7,600 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $65.45, for a total transaction of $497,420.00. The disclosure for this sale can be found here. 4.86% of the stock is owned by insiders.
Prosperity Bancshares 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.
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