State Board of Administration of Florida Retirement System boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 34,492 shares of the bank’s stock after acquiring an additional 1,225 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Prosperity Bancshares were worth $2,216,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in PB. Huntington National Bank increased its position in shares of Prosperity Bancshares by 9.2% during the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the period. Quantbot Technologies LP bought a new stake in shares of Prosperity Bancshares during the first quarter valued at about $154,000. PNC Financial Services Group Inc. increased its position in shares of Prosperity Bancshares by 13.7% during the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Prosperity Bancshares during the first quarter valued at about $244,000. Finally, OppenheimerFunds Inc. bought a new stake in shares of Prosperity Bancshares during the first quarter valued at about $271,000. Institutional investors and hedge funds own 72.90% of the company’s stock.
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In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total value of $257,400.00. Following the sale, the director now owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $61.51, for a total value of $307,550.00. Following the completion of the sale, the director now directly owns 142,800 shares in the company, valued at approximately $8,783,628. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,000 shares of company stock worth $864,950. Corporate insiders own 4.93% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (PB) opened at 59.53 on Tuesday. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 15.07 and a beta of 1.34. The firm has a 50-day moving average price of $62.17 and a 200 day moving average price of $66.02. Prosperity Bancshares, Inc. has a 52 week low of $52.19 and a 52 week high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The firm had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. During the same period in the previous year, the firm earned $0.98 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post $3.96 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s payout ratio is 34.34%.
PB has been the topic of several analyst reports. Hovde Group decreased their price target on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a research report on Monday, June 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Thursday, July 27th. BidaskClub upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research report on Friday. Finally, Wedbush upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price target on the stock in a research report on Friday, May 19th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $71.23.
Prosperity Bancshares 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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