Prosperity Bancshares, Inc. (PB) Stake Boosted by Jacobson & Schmitt Advisors LLC
Jacobson & Schmitt Advisors LLC grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,200 shares of the bank’s stock after buying an additional 2,737 shares during the quarter. Prosperity Bancshares accounts for approximately 3.9% of Jacobson & Schmitt Advisors LLC’s holdings, making the stock its 7th largest position. Jacobson & Schmitt Advisors LLC owned approximately 0.13% of Prosperity Bancshares worth $5,730,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Prosperity Bancshares by 17,208.1% in the 1st quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock worth $509,091,000 after purchasing an additional 7,260,798 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Prosperity Bancshares by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 6,056,179 shares of the bank’s stock worth $422,176,000 after purchasing an additional 370,991 shares in the last quarter. State Street Corp increased its stake in shares of Prosperity Bancshares by 16.0% in the 1st quarter. State Street Corp now owns 3,550,676 shares of the bank’s stock worth $247,517,000 after purchasing an additional 489,811 shares in the last quarter. FMR LLC increased its stake in shares of Prosperity Bancshares by 43.7% in the 1st quarter. FMR LLC now owns 1,729,603 shares of the bank’s stock worth $120,571,000 after purchasing an additional 526,028 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 6.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,686,354 shares of the bank’s stock worth $117,559,000 after purchasing an additional 98,712 shares in the last quarter. 72.90% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Prosperity Bancshares, Inc. (NYSE PB) traded up 3.85% during midday trading on Monday, reaching $59.61. The company’s stock had a trading volume of 192,645 shares. The stock has a 50-day moving average of $62.17 and a 200 day moving average of $66.09. Prosperity Bancshares, Inc. has a 12-month low of $52.19 and a 12-month high of $77.87. The firm has a market capitalization of $4.14 billion, a P/E ratio of 15.09 and a beta of 1.34.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. The company had revenue of $180.01 million for the quarter, compared to analysts’ expectations of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same period in the prior year, the firm earned $0.98 EPS. Equities research analysts predict that Prosperity Bancshares, Inc. will post $3.96 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.37%. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the business’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the sale, the director now owns 147,800 shares of the company’s stock, valued at $9,510,930. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert H. Steelhammer sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the sale, the director now directly owns 137,800 shares of the company’s stock, valued at approximately $8,268,000. The disclosure for this sale can be found here. Insiders have sold 14,000 shares of company stock valued at $864,950 in the last three months. Corporate insiders own 4.93% of the company’s stock.
Several equities research analysts have recently commented on the company. Royal Bank Of Canada restated a “hold” rating and issued a $71.00 price objective on shares of Prosperity Bancshares in a research note on Friday. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Raymond James Financial, Inc. restated an “underperform” rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. UBS AG lowered Prosperity Bancshares to an “underperform” rating in a research note on Thursday, August 10th. Finally, Barclays PLC assumed coverage on Prosperity Bancshares in a research note on Thursday, August 3rd. They issued an “overweight” rating and a $72.00 price objective for the company. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $71.23.
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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