Stevens Capital Management LP Cuts Holdings in Prosperity Bancshares, Inc. (PB)
Stevens Capital Management LP cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 53.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,611 shares of the bank’s stock after selling 5,256 shares during the period. Stevens Capital Management LP’s holdings in Prosperity Bancshares were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System lifted its position in Prosperity Bancshares by 7.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 36,912 shares of the bank’s stock valued at $2,426,000 after purchasing an additional 2,420 shares during the period. Palisade Capital Management LLC NJ lifted its position in Prosperity Bancshares by 1.9% during the 3rd quarter. Palisade Capital Management LLC NJ now owns 237,265 shares of the bank’s stock valued at $15,595,000 after purchasing an additional 4,385 shares during the period. Canada Pension Plan Investment Board acquired a new position in Prosperity Bancshares during the 3rd quarter valued at about $105,000. Wright Investors Service Inc. lifted its position in Prosperity Bancshares by 20.0% during the 3rd quarter. Wright Investors Service Inc. now owns 5,275 shares of the bank’s stock valued at $347,000 after purchasing an additional 880 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new position in Prosperity Bancshares during the 3rd quarter valued at about $483,000. Institutional investors own 76.27% of the company’s stock.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.51, for a total transaction of $307,550.00. Following the sale, the director now directly owns 142,800 shares in the company, valued at approximately $8,783,628. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.93% of the company’s stock.
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Shares of Prosperity Bancshares, Inc. (PB) opened at $65.38 on Monday. The firm has a market cap of $4,542.87, a P/E ratio of 16.55, a P/E/G ratio of 1.65 and a beta of 1.36. Prosperity Bancshares, Inc. has a 52-week low of $55.84 and a 52-week high of $77.87.
Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $184.96 million for the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same period last year, the company posted $0.99 EPS. equities research analysts expect that Prosperity Bancshares, Inc. will post 3.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be issued a dividend of $0.36 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 2.20%. The ex-dividend date is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.43%.
A number of research firms have issued reports on PB. ValuEngine downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. SunTrust Banks, Inc. restated a “buy” rating and set a $73.00 target price on shares of Prosperity Bancshares in a research report on Monday, October 2nd. Royal Bank Of Canada restated a “hold” rating and set a $71.00 target price on shares of Prosperity Bancshares in a research report on Friday, September 8th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, August 29th. Three equities 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. The company has a consensus rating of “Hold” and an average target price of $71.05.
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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