State Board of Administration of Florida Retirement System reduced its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 3.7% in the 3rd quarter, Holdings Channel reports. The firm owned 89,928 shares of the bank’s stock after selling 3,440 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Prosperity Bancshares were worth $6,397,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of PB. Massachusetts Financial Services Co. MA lifted its holdings in Prosperity Bancshares by 21.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,715,981 shares of the bank’s stock worth $195,007,000 after purchasing an additional 472,977 shares during the last quarter. State Street Corp lifted its holdings in shares of Prosperity Bancshares by 6.2% during the second quarter. State Street Corp now owns 6,946,599 shares of the bank’s stock worth $502,162,000 after buying an additional 405,473 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Prosperity Bancshares by 2.0% during the second quarter. Vanguard Group Inc. now owns 9,606,168 shares of the bank’s stock worth $689,723,000 after buying an additional 185,652 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Prosperity Bancshares by 97.2% during the second quarter. AQR Capital Management LLC now owns 351,526 shares of the bank’s stock worth $25,240,000 after buying an additional 173,302 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Prosperity Bancshares by 53.8% during the second quarter. First Trust Advisors LP now owns 378,863 shares of the bank’s stock worth $27,203,000 after buying an additional 132,594 shares during the last quarter. Hedge funds and other institutional investors own 78.93% of the company’s stock.
A number of brokerages have recently commented on PB. Raymond James lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 16th. Morgan Stanley upped their price target on Prosperity Bancshares from $83.00 to $91.00 and gave the stock an “equal weight” rating in a report on Monday, December 6th. Finally, Zacks Investment Research lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a research note on Thursday, October 7th.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Tuesday, October 26th. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. Prosperity Bancshares had a return on equity of 8.47% and a net margin of 43.67%. The firm had revenue of $282.96 million for the quarter, compared to analysts’ expectations of $279.83 million. During the same period in the prior year, the business posted $1.40 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.6 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Wednesday, December 15th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.61%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.49. The ex-dividend date was Tuesday, December 14th. Prosperity Bancshares’s dividend payout ratio is 36.36%.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan services, investments, trust, and credit card to small and medium-sized businesses and consumers.
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