Aperio Group LLC Has $4,527,000 Position in Prosperity Bancshares Inc. (PB)
Aperio Group LLC cut its stake in shares of Prosperity Bancshares Inc. (NYSE:PB) by 1.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 82,472 shares of the company’s stock after selling 911 shares during the period. Aperio Group LLC owned approximately 0.12% of Prosperity Bancshares worth $4,527,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Arizona State Retirement System boosted its position in Prosperity Bancshares by 6.3% in the third quarter. Arizona State Retirement System now owns 27,137 shares of the company’s stock worth $1,490,000 after buying an additional 1,600 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in Prosperity Bancshares by 5.4% in the third quarter. Mutual of America Capital Management LLC now owns 107,806 shares of the company’s stock worth $5,917,000 after buying an additional 5,550 shares during the last quarter. Nordea Investment Management AB boosted its position in Prosperity Bancshares by 537.9% in the third quarter. Nordea Investment Management AB now owns 252,590 shares of the company’s stock worth $13,865,000 after buying an additional 212,990 shares during the last quarter. Wells Fargo & Company MN boosted its position in Prosperity Bancshares by 5.8% in the third quarter. Wells Fargo & Company MN now owns 38,470 shares of the company’s stock worth $2,112,000 after buying an additional 2,094 shares during the last quarter. Finally, World Asset Management Inc acquired a new position in Prosperity Bancshares during the third quarter worth about $247,000. Institutional investors and hedge funds own 74.23% of the company’s stock.
Shares of Prosperity Bancshares Inc. (NYSE:PB) traded up 2.16% during midday trading on Wednesday, hitting $66.13. The stock had a trading volume of 373,390 shares. Prosperity Bancshares Inc. has a 12 month low of $33.57 and a 12 month high of $66.54. The stock has a market cap of $4.59 billion, a PE ratio of 16.74 and a beta of 1.19. The stock’s 50-day moving average is $58.50 and its 200-day moving average is $54.07.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.99 earnings per share for the quarter, hitting the consensus estimate of $0.99. Prosperity Bancshares had a return on equity of 7.83% and a net margin of 34.83%. The firm had revenue of $183.80 million for the quarter, compared to the consensus estimate of $189.25 million. During the same period in the prior year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts anticipate that Prosperity Bancshares Inc. will post $3.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be issued a dividend of $0.34 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a yield of 2.06%. The ex-dividend date is Wednesday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 30.30%.
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A number of brokerages have recently weighed in on PB. Morgan Stanley lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $56.00 to $58.00 in a research report on Wednesday, November 16th. Wedbush upped their target price on Prosperity Bancshares from $58.00 to $59.00 and gave the stock an “underperform” rating in a research report on Wednesday. Hovde Group lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Monday, November 14th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Thursday, October 27th. Finally, Deutsche Bank AG upped their target price on Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a research report on Tuesday, October 11th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $52.86.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the sale, the director now owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Edward Z. Safady sold 5,000 shares of the stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $66.15, for a total value of $330,750.00. Following the sale, the president now directly owns 5,329 shares in the company, valued at approximately $352,513.35. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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