American Century Companies Inc. Invests $42.77 Million in Prosperity Bancshares, Inc. (PB)
American Century Companies Inc. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 616,669 shares of the bank’s stock, valued at approximately $42,766,000. American Century Companies Inc. owned approximately 0.88% of Prosperity Bancshares at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PB. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 5,391.8% during the third quarter. Victory Capital Management Inc. now owns 2,077,672 shares of the bank’s stock worth $144,086,000 after purchasing an additional 2,039,840 shares in the last quarter. Findlay Park Partners LLP lifted its position in shares of Prosperity Bancshares by 53.1% during the second quarter. Findlay Park Partners LLP now owns 2,924,575 shares of the bank’s stock worth $199,924,000 after purchasing an additional 1,014,890 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth approximately $17,134,000. Envestnet Asset Management Inc. lifted its position in shares of Prosperity Bancshares by 215,080.8% during the second quarter. Envestnet Asset Management Inc. now owns 167,841 shares of the bank’s stock worth $11,473,000 after purchasing an additional 167,763 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Prosperity Bancshares by 55.4% during the second quarter. Russell Investments Group Ltd. now owns 327,756 shares of the bank’s stock worth $22,402,000 after purchasing an additional 116,786 shares in the last quarter. Institutional investors own 81.64% of the company’s stock.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,180 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The shares were sold at an average price of $65.44, for a total value of $142,659.20. Following the completion of the sale, the director now owns 133,055 shares of the company’s stock, valued at $8,707,119.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert H. Steelhammer sold 3,615 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $62.97, for a total transaction of $227,636.55. Following the completion of the sale, the director now directly owns 135,235 shares of the company’s stock, valued at approximately $8,515,747.95. The disclosure for this sale can be found here. Insiders sold 6,795 shares of company stock worth $446,386 over the last 90 days. 5.05% of the stock is currently owned by company insiders.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 24th. The bank reported $1.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.18. Prosperity Bancshares had a net margin of 36.91% and a return on equity of 7.86%. The business had revenue of $187.94 million for the quarter, compared to analyst estimates of $189.08 million. During the same period in the prior year, the business posted $0.98 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 4.59 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Saturday, December 15th will be issued a $0.41 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.36. This represents a $1.64 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 36.55%.
A number of brokerages have recently issued reports on PB. Stephens reiterated a “hold” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research report on Wednesday, July 25th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Robert W. Baird upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research report on Thursday, October 25th. SunTrust Banks reduced their target price on shares of Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. They noted that the move was a valuation call. Finally, Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 18th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $73.60.
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About Prosperity Bancshares
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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