Wells Fargo & Company MN cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 8.8% in the third quarter, HoldingsChannel reports. The firm owned 20,582 shares of the bank’s stock after selling 1,986 shares during the period. Wells Fargo & Company MN’s holdings in Prosperity Bancshares were worth $1,353,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Prosperity Bancshares during the third quarter valued at about $105,000. PNC Financial Services Group Inc. boosted its holdings in Prosperity Bancshares by 8.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock valued at $156,000 after acquiring an additional 185 shares during the period. Riverhead Capital Management LLC boosted its holdings in Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after acquiring an additional 1,028 shares during the period. Clinton Group Inc. bought a new stake in Prosperity Bancshares during the second quarter valued at about $269,000. Finally, Quantbot Technologies LP boosted its holdings in Prosperity Bancshares by 99.6% during the second quarter. Quantbot Technologies LP now owns 4,415 shares of the bank’s stock valued at $283,000 after acquiring an additional 2,203 shares during the period. Hedge funds and other institutional investors own 76.80% of the company’s stock.
A number of equities research analysts have issued reports on PB shares. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. SunTrust Banks restated a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Monday, October 2nd. Barclays upped their price target on shares of Prosperity Bancshares from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a “hold” rating and set a $79.00 price target on shares of Prosperity Bancshares in a report on Friday, December 22nd. Finally, Piper Jaffray Companies restated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Tuesday, January 9th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $73.27.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to analyst estimates of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same quarter in the prior year, the business earned $0.99 earnings per share. equities research analysts predict that Prosperity Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th were given a dividend of $0.36 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.90%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio is currently 36.46%.
Prosperity Bancshares declared that its Board of Directors has approved a share buyback plan on Friday, January 19th that authorizes the company to buyback 3,470,000 shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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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