Teacher Retirement System of Texas raised its position in shares of Prosperity Bancshares Inc. (NYSE:PB) by 13.7% during the second quarter, Holdings Channel reports. The firm owned 9,328 shares of the company’s stock after buying an additional 1,126 shares during the period. Teacher Retirement System of Texas’ holdings in Prosperity Bancshares were worth $476,000 at the end of the most recent reporting period.
Several other hedge funds have also bought and sold shares of the stock. Palisade Capital Management LLC NJ raised its stake in shares of Prosperity Bancshares by 10.6% in the first quarter. Palisade Capital Management LLC NJ now owns 236,772 shares of the company’s stock worth $10,984,000 after buying an additional 22,714 shares in the last quarter. State Street Corp raised its stake in shares of Prosperity Bancshares by 2.3% in the first quarter. State Street Corp now owns 3,077,423 shares of the company’s stock worth $142,763,000 after buying an additional 70,233 shares in the last quarter. BlackRock Inc. raised its stake in shares of Prosperity Bancshares by 8.5% in the first quarter. BlackRock Inc. now owns 26,464 shares of the company’s stock worth $1,227,000 after buying an additional 2,073 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Prosperity Bancshares by 2.4% in the first quarter. Royal Bank of Canada now owns 17,786 shares of the company’s stock worth $826,000 after buying an additional 420 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in shares of Prosperity Bancshares by 5.6% in the first quarter. Loomis Sayles & Co. L P now owns 996,508 shares of the company’s stock worth $46,228,000 after buying an additional 52,678 shares in the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.
Prosperity Bancshares Inc. (NYSE:PB) traded down 0.27% during midday trading on Thursday, hitting $55.16. The company had a trading volume of 38,156 shares. Prosperity Bancshares Inc. has a 52-week low of $33.57 and a 52-week high of $57.04. The stock has a 50 day moving average of $54.20 and a 200 day moving average of $51.40. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 13.89 and a beta of 1.29.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.98 earnings per share for the quarter, missing the consensus estimate of $0.99 by $0.01. Prosperity Bancshares had a net margin of 34.93% and a return on equity of 7.99%. During the same period in the previous year, the company earned $1.03 earnings per share. On average, analysts anticipate that Prosperity Bancshares Inc. will post $3.94 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 16th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Wednesday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 30.15%.
A number of brokerages have recently issued reports on PB. Zacks Investment Research raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Monday. Evercore ISI raised Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Thursday, June 9th. Finally, Hovde Group raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $50.58.
In other news, Director Perry Mueller, Jr. sold 13,536 shares of the firm’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $54.00, for a total transaction of $730,944.00. Following the sale, the director now owns 6,723 shares in the company, valued at $363,042. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert H. Steelhammer sold 2,900 shares of Prosperity Bancshares stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total value of $156,600.00. Following the completion of the transaction, the director now owns 160,800 shares in the company, valued at approximately $8,683,200. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.
About Prosperity Bancshares
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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