Foresters Investment Management Company Inc. lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 16.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 131,600 shares of the bank’s stock after selling 25,400 shares during the quarter. Foresters Investment Management Company Inc. owned approximately 0.19% of Prosperity Bancshares worth $8,692,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Wasatch Advisors Inc. raised its holdings in shares of Prosperity Bancshares by 106.8% during the 2nd quarter. Wasatch Advisors Inc. now owns 391,671 shares of the bank’s stock valued at $25,870,000 after buying an additional 202,236 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Prosperity Bancshares by 15.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 448,000 shares of the bank’s stock valued at $29,590,000 after buying an additional 60,000 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Prosperity Bancshares by 22.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 291,144 shares of the bank’s stock valued at $20,106,000 after buying an additional 52,693 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 652,626 shares of the bank’s stock valued at $40,658,000 after buying an additional 49,108 shares in the last quarter. Finally, Champlain Investment Partners LLC raised its holdings in shares of Prosperity Bancshares by 2.4% during the 1st quarter. Champlain Investment Partners LLC now owns 2,032,300 shares of the bank’s stock valued at $140,351,000 after buying an additional 47,085 shares in the last quarter. Institutional investors and hedge funds own 83.52% of the company’s stock.
Prosperity Bancshares stock traded up $0.37 during mid-day trading on Friday, reaching $70.77. 9,975 shares of the stock traded hands, compared to its average volume of 430,220. The stock has a market capitalization of $4.73 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.70 and a beta of 1.36. Prosperity Bancshares, Inc. has a 12-month low of $57.01 and a 12-month high of $75.36. The business’s 50-day moving average is $65.83 and its 200-day moving average is $68.68.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.18 EPS for the quarter, hitting analysts’ consensus estimates of $1.18. The business had revenue of $184.80 million during the quarter, compared to analysts’ expectations of $186.94 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.27%. During the same quarter in the prior year, the business posted $1.17 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 4.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s payout ratio is presently 35.57%.
A number of brokerages have commented on PB. Raymond James raised Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 price target on the stock in a research note on Tuesday, June 18th. SunTrust Banks decreased their price target on Prosperity Bancshares from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday. Sanford C. Bernstein lowered Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research report on Tuesday, May 28th. Stephens set a $74.00 price objective on Prosperity Bancshares and gave the stock a “hold” rating in a research report on Monday, June 17th. Finally, Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating and set a $72.00 price target on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $73.10.
In other Prosperity Bancshares news, EVP Robert J. Dowdell sold 7,600 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total transaction of $497,420.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of Prosperity Bancshares stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $64.39 per share, for a total transaction of $643,900.00. Following the completion of the acquisition, the insider now directly owns 148,837 shares in the company, valued at $9,583,614.43. The disclosure for this purchase can be found here. 4.86% of the stock is currently owned by corporate 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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