Aperio Group LLC Lowers Position in Prosperity Bancshares, Inc. (PB)
Aperio Group LLC lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 26,559 shares of the bank’s stock after selling 108 shares during the period. Aperio Group LLC’s holdings in Prosperity Bancshares were worth $1,706,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. Alpha Windward LLC boosted its position in shares of Prosperity Bancshares by 8.9% in the second quarter. Alpha Windward LLC now owns 7,142 shares of the bank’s stock worth $459,000 after buying an additional 585 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Prosperity Bancshares by 3.4% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $1,163,000 after buying an additional 600 shares during the last quarter. LS Investment Advisors LLC boosted its position in shares of Prosperity Bancshares by 19.8% in the second quarter. LS Investment Advisors LLC now owns 5,546 shares of the bank’s stock worth $356,000 after buying an additional 918 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Prosperity Bancshares by 4.3% in the second quarter. Oregon Public Employees Retirement Fund now owns 25,645 shares of the bank’s stock worth $1,647,000 after buying an additional 1,061 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its position in shares of Prosperity Bancshares by 15.9% in the second quarter. Eqis Capital Management Inc. now owns 5,121 shares of the bank’s stock worth $329,000 after buying an additional 701 shares during the last quarter. Hedge funds and other institutional investors own 75.45% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) traded down 3.01% during midday trading on Thursday, reaching $62.73. 215,387 shares of the company’s stock were exchanged. Prosperity Bancshares, Inc. has a 12-month low of $51.30 and a 12-month high of $77.87. The stock has a market cap of $4.36 billion, a PE ratio of 15.88 and a beta of 1.33. The stock’s 50 day moving average is $64.38 and its 200-day moving average is $68.12.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The firm had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $187.13 million. During the same period in the prior year, the company posted $0.98 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post $3.99 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 34.34%.
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A number of brokerages recently commented on PB. Piper Jaffray Companies reiterated a “hold” rating and issued a $73.50 target price on shares of Prosperity Bancshares in a research report on Friday, July 14th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $63.00 to $65.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. UBS AG cut shares of Prosperity Bancshares to an “underperform” rating in a research report on Thursday. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday. Finally, Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $71.25.
In other news, Director Robert H. Steelhammer sold 10,000 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the sale, the director now owns 156,800 shares of the company’s stock, valued at $10,207,680. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert H. Steelhammer sold 4,000 shares of the stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the sale, the director now directly owns 147,800 shares in the company, valued at approximately $9,510,930. The disclosure for this sale can be found here. Corporate insiders own 4.93% of the company’s stock.
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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