Trexquant Investment LP Invests $764,000 in Prosperity Bancshares, Inc. (PB)
Trexquant Investment LP acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, Holdings Channel reports. The firm acquired 11,900 shares of the bank’s stock, valued at approximately $764,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. Huntington National Bank raised its position in shares of Prosperity Bancshares by 9.2% in the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after buying an additional 143 shares during the period. Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares during the first quarter worth approximately $154,000. PNC Financial Services Group Inc. raised its position in shares of Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after buying an additional 269 shares during the period. Parametrica Management Ltd bought a new position in shares of Prosperity Bancshares during the first quarter worth approximately $207,000. Finally, Engineers Gate Manager LP bought a new position in shares of Prosperity Bancshares during the first quarter worth approximately $244,000. Institutional investors own 75.45% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at 62.02 on Friday. Prosperity Bancshares, Inc. has a one year low of $51.30 and a one year high of $77.87. The company has a market cap of $4.31 billion, a P/E ratio of 15.70 and a beta of 1.33. The stock’s 50 day moving average is $64.34 and its 200-day moving average is $68.08.
Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.01. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The firm had revenue of $180.01 million during the quarter, compared to the consensus estimate of $187.13 million. During the same quarter last year, the business posted $0.98 earnings per share. Equities research analysts forecast that Prosperity Bancshares, Inc. will post $3.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.34 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.19%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 34.34%.
A number of research analysts recently commented on PB shares. Hovde Group decreased their price target on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a research note on Monday, June 26th. BidaskClub upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $73.00 price target on shares of Prosperity Bancshares in a research note on Thursday, July 27th. Wedbush raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $67.00 price objective for the company in a report on Friday, May 19th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $71.25.
In other news, Director Robert H. Steelhammer sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The shares were sold at an average price of $64.35, for a total value of $257,400.00. Following the completion of the transaction, the director now directly owns 147,800 shares in the company, valued at $9,510,930. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Steelhammer sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total transaction of $651,000.00. Following the completion of the transaction, the director now owns 156,800 shares of the company’s stock, valued at $10,207,680. The disclosure for this sale can be found here. 4.93% of the stock is currently owned by company insiders.
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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