Alps Advisors Inc. cut its stake in Prosperity Bancshares Inc. (NYSE:PB) by 6.9% during the second quarter, Holdings Channel reports. The firm owned 8,982 shares of the company’s stock after selling 663 shares during the period. Alps Advisors Inc.’s holdings in Prosperity Bancshares were worth $458,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new position in shares of Prosperity Bancshares during the second quarter worth about $5,129,000. Strs Ohio increased its position in shares of Prosperity Bancshares by 8.0% in the second quarter. Strs Ohio now owns 12,100 shares of the company’s stock worth $616,000 after buying an additional 900 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Prosperity Bancshares during the second quarter worth about $1,023,000. Sigma Planning Corp increased its position in shares of Prosperity Bancshares by 0.7% in the second quarter. Sigma Planning Corp now owns 5,219 shares of the company’s stock worth $266,000 after buying an additional 35 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in shares of Prosperity Bancshares during the second quarter worth about $446,000. Institutional investors own 80.30% of the company’s stock.
Shares of Prosperity Bancshares Inc. (NYSE:PB) traded up 1.82% during midday trading on Wednesday, hitting $55.31. 464,150 shares of the stock were exchanged. Prosperity Bancshares Inc. has a one year low of $33.57 and a one year high of $57.04. The stock has a market cap of $3.84 billion, a P/E ratio of 13.93 and a beta of 1.29. The stock’s 50-day moving average price is $54.20 and its 200 day moving average price is $51.40.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a return on equity of 7.99% and a net margin of 34.93%. During the same period last year, the company posted $1.03 EPS. On average, analysts anticipate that Prosperity Bancshares Inc. will post $3.94 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.17%. Prosperity Bancshares’s payout ratio is presently 30.15%.
A number of equities analysts have recently issued reports on the stock. Hovde Group upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price target for the company in a report on Wednesday, June 29th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, June 29th. Evercore ISI upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a report on Thursday, June 9th. Finally, Compass Point assumed coverage on shares of Prosperity Bancshares in a report on Tuesday, June 7th. They issued a “neutral” rating and a $50.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $50.58.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 2,900 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the sale, the director now owns 160,800 shares in the company, valued at approximately $8,683,200. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Perry Mueller, Jr. sold 13,536 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $54.00, for a total value of $730,944.00. Following the sale, the director now owns 6,723 shares in the company, valued at approximately $363,042. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company. The Company 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’s additional products and services include trust services, brokerage, mortgage lending, credit card and independent sales organization (ISO) sponsorship operations.
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