First Trust Advisors LP lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 35.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 72,181 shares of the bank’s stock after selling 39,765 shares during the period. First Trust Advisors LP’s holdings in Prosperity Bancshares were worth $4,985,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Louisiana State Employees Retirement System lifted its stake in Prosperity Bancshares by 1.1% in the 1st quarter. Louisiana State Employees Retirement System now owns 17,800 shares of the bank’s stock worth $1,229,000 after purchasing an additional 200 shares in the last quarter. First Mercantile Trust Co. lifted its position in Prosperity Bancshares by 62.9% in the fourth quarter. First Mercantile Trust Co. now owns 570 shares of the bank’s stock valued at $35,000 after acquiring an additional 220 shares during the last quarter. Olstein Capital Management L.P. raised its holdings in shares of Prosperity Bancshares by 0.3% in the fourth quarter. Olstein Capital Management L.P. now owns 119,250 shares of the bank’s stock valued at $7,429,000 after buying an additional 300 shares during the last quarter. Stephens Inc. AR raised its holdings in shares of Prosperity Bancshares by 8.9% in the first quarter. Stephens Inc. AR now owns 3,728 shares of the bank’s stock valued at $257,000 after buying an additional 305 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Prosperity Bancshares by 0.4% during the first quarter. Retirement Systems of Alabama now owns 86,376 shares of the bank’s stock worth $5,965,000 after acquiring an additional 353 shares during the period. 82.50% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on PB shares. Stephens reaffirmed a “hold” rating and set a $76.00 price target on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Hovde Group downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and set a $79.00 price target on the stock. in a research report on Friday, March 1st. FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research report on Wednesday, April 24th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Finally, Sanford C. Bernstein cut shares of Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $75.50.
Shares of PB opened at $67.60 on Wednesday. The company has a market cap of $4.69 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 1.65 and a beta of 1.42. Prosperity Bancshares, Inc. has a twelve month low of $57.01 and a twelve month high of $76.25.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.01. Prosperity Bancshares had a return on equity of 8.20% and a net margin of 38.42%. The company had revenue of $183.06 million during the quarter, compared to the consensus estimate of $185.27 million. During the same quarter last year, the firm earned $1.07 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 4.8 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend is Thursday, June 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 35.57%.
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Prosperity Bancshares Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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