Prosperity Bancshares, Inc. (PB) Holdings Reduced by Sei Investments Co.
Sei Investments Co. lowered its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 13.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 55,614 shares of the bank’s stock after selling 8,503 shares during the quarter. Sei Investments Co.’s holdings in Prosperity Bancshares were worth $3,801,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the business. Municipal Employees Retirement System of Michigan lifted its stake in shares of Prosperity Bancshares by 3.2% during the first quarter. Municipal Employees Retirement System of Michigan now owns 21,700 shares of the bank’s stock valued at $1,576,000 after acquiring an additional 680 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Prosperity Bancshares by 4.6% during the first quarter. Thrivent Financial for Lutherans now owns 15,756 shares of the bank’s stock valued at $1,144,000 after acquiring an additional 687 shares during the period. Mason Street Advisors LLC lifted its stake in shares of Prosperity Bancshares by 2.5% during the first quarter. Mason Street Advisors LLC now owns 35,074 shares of the bank’s stock valued at $2,547,000 after acquiring an additional 839 shares during the period. Brasada Capital Management LP lifted its stake in shares of Prosperity Bancshares by 16.7% during the first quarter. Brasada Capital Management LP now owns 7,000 shares of the bank’s stock valued at $508,000 after acquiring an additional 1,000 shares during the period. Finally, TD Asset Management Inc. lifted its stake in shares of Prosperity Bancshares by 4.5% during the second quarter. TD Asset Management Inc. now owns 25,100 shares of the bank’s stock valued at $1,716,000 after acquiring an additional 1,080 shares during the period. 77.47% of the stock is currently owned by institutional investors.
PB has been the topic of several research reports. SunTrust Banks reaffirmed a “buy” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Friday, July 27th. ValuEngine raised Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Saturday, May 12th. Deutsche Bank upped their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Friday, May 4th. Stephens reaffirmed a “hold” rating and set a $75.00 price target on shares of Prosperity Bancshares in a research note on Wednesday, July 25th. Finally, Hovde Group raised Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $70.00 price target on the stock in a research note on Monday, July 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $74.80.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 25th. The bank reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.02. The business had revenue of $190.17 million during the quarter, compared to the consensus estimate of $186.33 million. Prosperity Bancshares had a return on equity of 7.59% and a net margin of 35.75%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 earnings per share. equities analysts expect that Prosperity Bancshares, Inc. will post 4.62 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Saturday, September 15th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.92%. Prosperity Bancshares’s dividend payout ratio is presently 36.55%.
In related news, Director Harrison Stafford II sold 1,900 shares of the company’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $72.97, for a total value of $138,643.00. Following the completion of the sale, the director now owns 103,562 shares in the company, valued at $7,556,919.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leah Henderson sold 1,000 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $76.09, for a total value of $76,090.00. Following the completion of the sale, the director now owns 1,050 shares of the company’s stock, valued at approximately $79,894.50. The disclosure for this sale can be found here. Corporate insiders own 5.05% of the company’s stock.
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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