South Dakota Investment Council Grows Position in Prosperity Bancshares, Inc. (PB)
South Dakota Investment Council lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 24.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 138,284 shares of the bank’s stock after buying an additional 26,800 shares during the period. South Dakota Investment Council owned about 0.20% of Prosperity Bancshares worth $9,089,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sigma Planning Corp lifted its stake in shares of Prosperity Bancshares by 0.5% in the second quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock valued at $337,000 after buying an additional 26 shares during the period. World Asset Management Inc lifted its stake in shares of Prosperity Bancshares by 2.2% in the second quarter. World Asset Management Inc now owns 4,358 shares of the bank’s stock valued at $280,000 after buying an additional 93 shares during the period. Bank of Montreal Can lifted its stake in shares of Prosperity Bancshares by 0.5% in the second quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after buying an additional 98 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Prosperity Bancshares by 2.2% in the second quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock valued at $340,000 after buying an additional 114 shares during the period. Finally, Huntington National Bank lifted its stake in Prosperity Bancshares by 9.2% during the second 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 period. Institutional investors and hedge funds own 76.27% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) traded down $0.62 on Friday, reaching $65.05. 101,818 shares of the company’s stock were exchanged, compared to its average volume of 362,205. Prosperity Bancshares, Inc. has a 1 year low of $55.84 and a 1 year high of $77.87. The company has a market capitalization of $4,480.00, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.66 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share (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 company had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. During the same quarter in the previous year, the company posted $0.99 earnings per share. research analysts predict that Prosperity Bancshares, Inc. will post 3.95 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.21%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. Prosperity Bancshares’s payout ratio is 34.52%.
PB has been the subject of a number of analyst reports. SunTrust Banks, Inc. restated a “buy” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research note on Monday, October 2nd. ValuEngine cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Royal Bank Of Canada restated a “hold” rating and set a $71.00 price target on shares of Prosperity Bancshares in a research note on Friday, September 8th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, August 29th. Three 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 company. Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $71.05.
In other news, Director Robert H. Steelhammer sold 5,000 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the transaction, the director now owns 137,800 shares in the company, valued at $8,268,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.93% of the company’s stock.
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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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