First Trust Advisors LP Buys 63,029 Shares of Prosperity Bancshares, Inc. (PB)
First Trust Advisors LP lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 333.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,931 shares of the bank’s stock after buying an additional 63,029 shares during the quarter. First Trust Advisors LP owned about 0.12% of Prosperity Bancshares worth $5,385,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Huntington National Bank raised its stake in shares of Prosperity Bancshares by 9.2% in the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after buying an additional 143 shares during the period. Pacad Investment Ltd. bought a new stake in Prosperity Bancshares during the 2nd quarter valued at approximately $109,000. PNC Financial Services Group Inc. raised its stake in Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after purchasing an additional 269 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after purchasing an additional 369 shares during the period. Finally, Riverhead Capital Management LLC raised its stake in Prosperity Bancshares by 42.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock valued at $220,000 after purchasing an additional 1,028 shares during the period. 72.37% of the stock is currently owned by hedge funds and other institutional investors.
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In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director now owns 137,800 shares in the company, valued at approximately $8,268,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.93% of the company’s stock.
Prosperity Bancshares, Inc. (NYSE PB) opened at $64.57 on Friday. The firm has a market capitalization of $4,478.94, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 1.63 and a beta of 1.36. Prosperity Bancshares, Inc. has a 1-year low of $55.84 and a 1-year high of $77.87.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. Prosperity Bancshares had a return on equity of 7.38% and a net margin of 34.79%. During the same quarter last year, the business posted $0.99 EPS. analysts forecast that Prosperity Bancshares, Inc. will post 3.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.23%. The ex-dividend date is Thursday, December 14th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.43%.
PB has been the topic of several recent analyst reports. SunTrust Banks, Inc. reissued a “buy” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Monday, October 2nd. Royal Bank Of Canada reissued a “hold” rating and set a $71.00 target price on shares of Prosperity Bancshares in a research note on Friday, September 8th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Stephens set a $73.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Wednesday, July 26th. Finally, ValuEngine downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $71.05.
Prosperity Bancshares 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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