Retirement Systems of Alabama reduced its position in shares of Prosperity Bancshares Inc. (NYSE:PB) by 0.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 84,357 shares of the company’s stock after selling 337 shares during the period. Retirement Systems of Alabama’s holdings in Prosperity Bancshares were worth $4,301,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. LS Investment Advisors LLC raised its position in shares of Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock worth $200,000 after buying an additional 1,677 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Prosperity Bancshares during the second quarter worth approximately $214,000. LaSalle Street Capital Management LLC raised its position in shares of Prosperity Bancshares by 3.5% in the second quarter. LaSalle Street Capital Management LLC now owns 4,507 shares of the company’s stock worth $230,000 after buying an additional 152 shares during the period. Sigma Planning Corp raised 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 during the period. Finally, Capstone Asset Management Co. raised its position in shares of Prosperity Bancshares by 5.1% in the second quarter. Capstone Asset Management Co. now owns 6,443 shares of the company’s stock worth $329,000 after buying an additional 310 shares during the period. 80.30% of the stock is currently owned by institutional investors and hedge funds.
Prosperity Bancshares Inc. (NYSE:PB) traded up 1.38% during midday trading on Friday, hitting $54.39. 189,824 shares of the stock traded hands. The stock has a market capitalization of $3.78 billion, a P/E ratio of 13.70 and a beta of 1.29. The stock’s 50-day moving average price is $54.45 and its 200-day moving average price is $51.77. Prosperity Bancshares Inc. has a 52 week low of $33.57 and a 52 week high of $57.04.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 27th. The company reported $0.98 EPS for the quarter, missing the Thomson Reuters’ 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 quarter in the prior year, the business posted $1.03 EPS. Equities research analysts expect that Prosperity Bancshares Inc. will post $3.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 16th were given a dividend of $0.30 per share. The ex-dividend date was Wednesday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.21%. Prosperity Bancshares’s payout ratio is currently 30.15%.
A number of equities analysts have recently commented on the stock. Deutsche Bank AG lifted their price target on shares of Prosperity Bancshares from $54.00 to $59.00 and gave the stock a “hold” rating in a report on Tuesday, October 11th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Thursday. Wedbush began coverage on shares of Prosperity Bancshares in a report on Thursday, October 6th. They set a “neutral” rating and a $54.00 price target on the stock. FBR & Co raised shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $55.00 to $60.00 in a research note on Tuesday, October 11th. Finally, SunTrust Banks Inc. began coverage on shares of Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $52.08.
In other Prosperity Bancshares news, Director Perry Mueller, Jr. sold 13,536 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $54.00, for a total transaction of $730,944.00. Following the completion of the sale, the director now owns 6,723 shares of the company’s stock, valued at approximately $363,042. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Steelhammer sold 2,900 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $54.00, for a total transaction of $156,600.00. Following the sale, the director now directly owns 160,800 shares of the company’s stock, valued at approximately $8,683,200. The disclosure for this sale can be found here. Company 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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