American International Group Inc. Reduces Holdings in Prosperity Bancshares, Inc. (PB)
American International Group Inc. cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,353 shares of the bank’s stock after selling 2,884 shares during the quarter. American International Group Inc.’s holdings in Prosperity Bancshares were worth $9,140,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of PB. JPMorgan Chase & Co. grew its stake in Prosperity Bancshares by 0.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 332,184 shares of the bank’s stock worth $23,036,000 after acquiring an additional 2,395 shares in the last quarter. Vanguard Group Inc boosted its stake in shares of Prosperity Bancshares by 1.4% during the third quarter. Vanguard Group Inc now owns 6,511,344 shares of the bank’s stock valued at $451,561,000 after purchasing an additional 90,531 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Prosperity Bancshares by 7.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 30,300 shares of the bank’s stock valued at $1,888,000 after purchasing an additional 2,200 shares in the last quarter. Lavaca Capital LLC bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $104,000. Finally, Bank of Montreal Can boosted its stake in shares of Prosperity Bancshares by 6.5% during the fourth quarter. Bank of Montreal Can now owns 22,567 shares of the bank’s stock valued at $1,407,000 after purchasing an additional 1,372 shares in the last quarter. Hedge funds and other institutional investors own 83.04% of the company’s stock.
A number of equities analysts have recently issued reports on PB shares. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Stephens reiterated a “hold” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research note on Wednesday, February 13th. Hovde Group downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and set a $79.00 price objective on the stock. in a research note on Friday, March 1st. SunTrust Banks increased their price objective on shares of Prosperity Bancshares to $84.00 and gave the company a “buy” rating in a research note on Thursday, January 31st. Finally, FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $75.50.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.01. The company had revenue of $183.06 million during the quarter, compared to the consensus estimate of $185.27 million. Prosperity Bancshares had a net margin of 38.42% and a return on equity of 8.20%. During the same period last year, the firm earned $1.07 earnings per share. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 4.8 EPS for the current year.
The company also recently announced 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. The ex-dividend date is Thursday, June 13th. This represents a $1.64 annualized dividend and a yield of 2.35%. Prosperity Bancshares’s dividend payout ratio (DPR) is 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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