LS Investment Advisors LLC increased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 19.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,546 shares of the bank’s stock after buying an additional 918 shares during the period. LS Investment Advisors LLC’s holdings in Prosperity Bancshares were worth $356,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its stake in Prosperity Bancshares by 4.3% in the second quarter. Oregon Public Employees Retirement Fund now owns 25,645 shares of the bank’s stock valued at $1,647,000 after buying an additional 1,061 shares during the period. Eqis Capital Management Inc. raised its position in Prosperity Bancshares by 15.9% in the second quarter. Eqis Capital Management Inc. now owns 5,121 shares of the bank’s stock valued at $329,000 after buying an additional 701 shares in the last quarter. Trust Department MB Financial Bank N A raised its position in Prosperity Bancshares by 0.7% in the second quarter. Trust Department MB Financial Bank N A now owns 132,874 shares of the bank’s stock valued at $8,536,000 after buying an additional 923 shares in the last quarter. Handelsinvest Investeringsforvaltning raised its position in Prosperity Bancshares by 54.4% in the second quarter. Handelsinvest Investeringsforvaltning now owns 122,000 shares of the bank’s stock valued at $7,837,000 after buying an additional 43,000 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. raised its position in Prosperity Bancshares by 8.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 13,080 shares of the bank’s stock valued at $840,000 after buying an additional 990 shares in the last quarter. Hedge funds and other institutional investors own 75.45% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE:PB) traded up 0.08% on Friday, reaching $62.07. The company’s stock had a trading volume of 468,979 shares. The stock has a market cap of $4.31 billion, a PE ratio of 15.71 and a beta of 1.33. Prosperity Bancshares, Inc. has a 1-year low of $51.30 and a 1-year high of $77.87. The company’s 50 day moving average is $64.32 and its 200-day moving average is $68.01.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The firm had revenue of $180.01 million for the quarter, compared to the consensus estimate of $187.13 million. During the same period in the prior year, the business earned $0.98 EPS. On average, equities analysts predict that Prosperity Bancshares, Inc. will post $3.99 earnings per share for the current fiscal year.
The business also recently declared 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 is Thursday, September 14th. This represents a $1.36 annualized dividend and a dividend yield of 2.19%. Prosperity Bancshares’s payout ratio is currently 34.34%.
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Several research firms have recently weighed in on PB. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. BidaskClub lowered Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 16th. UBS AG lowered Prosperity Bancshares to an “underperform” rating in a research report on Thursday. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $73.50 target price on shares of Prosperity Bancshares in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $71.25.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $9,510,930. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total transaction of $651,000.00. Following the completion of the transaction, the director now owns 156,800 shares of the company’s stock, valued at $10,207,680. The disclosure for this sale can be found here. Company insiders own 4.93% of the company’s stock.
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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