Cubist Systematic Strategies LLC Takes Position in Prosperity Bancshares, Inc. (PB)
Cubist Systematic Strategies LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 44,119 shares of the bank’s stock, valued at approximately $2,834,000. Cubist Systematic Strategies LLC owned about 0.06% of Prosperity Bancshares as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in PB. UBS Asset Management Americas Inc. raised its position in Prosperity Bancshares by 33.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 36,550 shares of the bank’s stock worth $2,548,000 after purchasing an additional 9,145 shares during the last quarter. Parametric Portfolio Associates LLC raised its position in Prosperity Bancshares by 9.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 119,409 shares of the bank’s stock worth $8,324,000 after purchasing an additional 10,779 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Prosperity Bancshares by 0.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock worth $489,000 after purchasing an additional 40 shares during the last quarter. Quantbot Technologies LP bought a new position in Prosperity Bancshares during the 1st quarter worth $154,000. Finally, SG Americas Securities LLC raised its position in Prosperity Bancshares by 967.4% during the 1st quarter. SG Americas Securities LLC now owns 15,861 shares of the bank’s stock worth $1,106,000 after purchasing an additional 14,375 shares during the last quarter. 72.88% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently issued reports on the company. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. BidaskClub lowered Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 16th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a research report on Friday, July 14th. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Finally, UBS AG lowered Prosperity Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $69.95.
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Shares of Prosperity Bancshares, Inc. (PB) traded down 0.11% during mid-day trading on Friday, reaching $64.67. The company’s stock had a trading volume of 191,287 shares. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 16.37 and a beta of 1.36. Prosperity Bancshares, Inc. has a 12 month low of $52.81 and a 12 month high of $77.87. The company’s 50-day moving average is $61.42 and its 200 day moving average is $64.56.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.01). The firm had revenue of $180.01 million for the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same period last year, the company posted $0.98 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post $3.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director now directly owns 137,800 shares of the company’s stock, valued at $8,268,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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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