The Manufacturers Life Insurance Company Has $6.52 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)
The Manufacturers Life Insurance Company lowered its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 135,202 shares of the bank’s stock after selling 4,284 shares during the period. The Manufacturers Life Insurance Company’s holdings in Prosperity Bancshares were worth $6,523,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake in Prosperity Bancshares by 229.2% in the first quarter. AQR Capital Management LLC now owns 101,498 shares of the bank’s stock valued at $4,897,000 after acquiring an additional 70,662 shares during the period. Geode Capital Management LLC grew its stake in Prosperity Bancshares by 4.6% in the first quarter. Geode Capital Management LLC now owns 1,062,229 shares of the bank’s stock valued at $51,252,000 after acquiring an additional 46,314 shares during the period. Guggenheim Capital LLC grew its stake in Prosperity Bancshares by 33.1% in the fourth quarter. Guggenheim Capital LLC now owns 86,932 shares of the bank’s stock valued at $6,250,000 after acquiring an additional 21,597 shares during the period. Alliancebernstein L.P. grew its stake in Prosperity Bancshares by 97.6% in the first quarter. Alliancebernstein L.P. now owns 315,105 shares of the bank’s stock valued at $15,204,000 after acquiring an additional 155,660 shares during the period. Finally, Parametric Portfolio Associates LLC grew its stake in Prosperity Bancshares by 7.7% in the first quarter. Parametric Portfolio Associates LLC now owns 232,307 shares of the bank’s stock valued at $11,209,000 after acquiring an additional 16,674 shares during the period. 80.41% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on PB shares. Keefe, Bruyette & Woods raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $76.00 price objective for the company in a research note on Wednesday, April 1st. Compass Point began coverage on Prosperity Bancshares in a report on Tuesday, April 14th. They issued a “buy” rating on the stock. SunTrust Banks raised their target price on Prosperity Bancshares from $75.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Morgan Stanley raised their target price on Prosperity Bancshares from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, June 8th. Finally, ValuEngine lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $71.15.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 29th. The bank reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.19. The business had revenue of $290.42 million for the quarter, compared to analyst estimates of $281.40 million. Prosperity Bancshares had a return on equity of 8.32% and a net margin of 35.42%. During the same period last year, the company posted $1.18 earnings per share. Analysts predict that Prosperity Bancshares, Inc. will post 5.19 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $1.84 dividend on an annualized basis and a yield of 3.21%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 36.65%.
Prosperity Bancshares Company 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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