Macquarie Group Ltd. Has $85.85 Million Position in Prosperity Bancshares, Inc. (PB)
Macquarie Group Ltd. cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,336,440 shares of the bank’s stock after selling 22,449 shares during the period. Macquarie Group Ltd. owned about 1.92% of Prosperity Bancshares worth $85,853,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PB. UBS Asset Management Americas Inc. lifted its position in Prosperity Bancshares by 33.4% during the first quarter. UBS Asset Management Americas Inc. now owns 36,550 shares of the bank’s stock valued at $2,548,000 after purchasing an additional 9,145 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in Prosperity Bancshares by 9.9% during the first quarter. Parametric Portfolio Associates LLC now owns 119,409 shares of the bank’s stock valued at $8,324,000 after acquiring an additional 10,779 shares during the period. Envestnet Asset Management Inc. raised its holdings in Prosperity Bancshares by 0.6% during the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock valued at $489,000 after acquiring an additional 40 shares during the period. Quantbot Technologies LP bought a new stake in Prosperity Bancshares during the first quarter valued at about $154,000. Finally, SG Americas Securities LLC raised its holdings in Prosperity Bancshares by 967.4% during the first quarter. SG Americas Securities LLC now owns 15,861 shares of the bank’s stock valued at $1,106,000 after acquiring an additional 14,375 shares during the period. Institutional investors own 72.88% of the company’s stock.
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A number of equities research analysts have commented on the company. Piper Jaffray Companies reissued a “hold” rating and set a $73.50 price target on shares of Prosperity Bancshares in a report on Friday, July 14th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a report on Tuesday, August 29th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. UBS AG cut Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Finally, Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $69.95.
Prosperity Bancshares, Inc. (PB) traded up 1.03% during midday trading on Thursday, reaching $64.65. The company’s stock had a trading volume of 22,058 shares. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 16.37 and a beta of 1.36. The stock’s 50 day moving average price is $61.23 and its 200-day moving average price is $64.61. Prosperity Bancshares, Inc. has a one year low of $52.81 and a one year high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.01). Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The firm had revenue of $180.01 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same period in the previous year, the company earned $0.98 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post $3.96 EPS for the current fiscal year.
The company also recently announced 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 2.13%. The ex-dividend date of this dividend was Thursday, September 14th. Prosperity Bancshares’s payout ratio is currently 34.34%.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the 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 sale, the director now directly owns 137,800 shares of the company’s stock, valued at approximately $8,268,000. The transaction was disclosed in a filing with the SEC, which is available at 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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