Raymond James Financial Services Advisors Inc. Reduces Holdings in Prosperity Bancshares, Inc. (PB)
Raymond James Financial Services Advisors Inc. decreased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 13.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,140 shares of the bank’s stock after selling 496 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Prosperity Bancshares were worth $202,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also bought and sold shares of the business. Huntington National Bank lifted its position in shares of Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after purchasing an additional 143 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $109,000. PNC Financial Services Group Inc. lifted its position in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after purchasing an additional 269 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after purchasing an additional 369 shares during the last quarter. Finally, Riverhead Capital Management LLC lifted its position in shares of Prosperity Bancshares by 42.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after purchasing an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 72.37% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at $64.36 on Tuesday. Prosperity Bancshares, Inc. has a 1 year low of $55.84 and a 1 year high of $77.87. The firm has a market cap of $4,370.54, a price-to-earnings ratio of 15.92, a P/E/G ratio of 1.59 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. During the same period in the prior year, the company earned $0.99 earnings per share. analysts anticipate that Prosperity Bancshares, Inc. will post 3.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.24%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio is presently 34.43%.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Barclays PLC assumed coverage on shares of Prosperity Bancshares in a research report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price objective for the company. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday, August 10th. Finally, UBS AG cut shares of Prosperity Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $71.05.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $61.51, for a total value of $307,550.00. Following the completion of the sale, the director now directly owns 142,800 shares of the company’s stock, valued at $8,783,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.93% of the stock is currently owned by corporate insiders.
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Prosperity Bancshares Profile
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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