Hudson Bay Capital Management LP acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 55,346 shares of the bank’s stock, valued at approximately $3,878,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Canada Pension Plan Investment Board purchased a new stake in Prosperity Bancshares in the 3rd quarter worth approximately $105,000. Tower Research Capital LLC TRC purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $127,000. Arvest Bank Trust Division purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $210,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Prosperity Bancshares by 39.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,469 shares of the bank’s stock worth $243,000 after purchasing an additional 980 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $273,000. 79.51% of the stock is owned by institutional investors.
Several analysts have issued reports on the stock. Zacks Investment Research cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. DA Davidson increased their target price on shares of Prosperity Bancshares to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, January 25th. ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research report on Thursday, November 30th. SunTrust Banks restated a “buy” rating and set a $85.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 25th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, January 9th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $74.45.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at $75.00 on Thursday. The firm has a market cap of $5,286.18, a price-to-earnings ratio of 19.08, a PEG ratio of 1.59 and a beta of 1.37. Prosperity Bancshares, Inc. has a 52-week low of $55.84 and a 52-week high of $78.26.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.01). The company had revenue of $185.27 million for the quarter, compared to analysts’ expectations of $185.43 million. Prosperity Bancshares had a net margin of 34.28% and a return on equity of 7.28%. During the same quarter last year, the business posted $0.99 EPS. analysts forecast that Prosperity Bancshares, Inc. will post 4.78 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 16th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Thursday, March 15th. Prosperity Bancshares’s payout ratio is presently 36.64%.
Prosperity Bancshares declared that its Board of Directors has approved a share repurchase program on Friday, January 19th that allows the company to repurchase 3,470,000 outstanding shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
About Prosperity Bancshares
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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