Handelsbanken Fonder AB reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 601,231 shares of the bank’s stock after selling 68,769 shares during the quarter. Handelsbanken Fonder AB owned 0.65% of Prosperity Bancshares worth $35,701,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PB. Beese Fulmer Investment Management Inc. acquired a new position in Prosperity Bancshares during the 2nd quarter valued at $26,000. Sowell Financial Services LLC raised its stake in shares of Prosperity Bancshares by 79.4% in the 1st quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock valued at $33,000 after buying an additional 300 shares in the last quarter. Marshall Wace North America L.P. acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $35,000. Bartlett & Co. LLC acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $51,000. Finally, Financial Management Professionals Inc. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $54,000. Hedge funds and other institutional investors own 78.14% of the company’s stock.
A number of equities analysts have recently issued reports on PB shares. Piper Sandler dropped their price objective on shares of Prosperity Bancshares from $68.00 to $64.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Thursday, July 2nd. SunTrust Banks dropped their target price on shares of Prosperity Bancshares from $80.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. TheStreet cut shares of Prosperity Bancshares from a “b-” rating to a “c+” rating in a research report on Friday, July 10th. Finally, Wolfe Research started coverage on shares of Prosperity Bancshares in a research report on Friday, July 31st. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $69.32.
NYSE:PB traded up $1.14 during mid-day trading on Wednesday, reaching $51.90. 7,629 shares of the company were exchanged, compared to its average volume of 683,314. The stock has a market cap of $4.70 billion, a PE ratio of 10.34, a PEG ratio of 0.99 and a beta of 1.39. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.02. Prosperity Bancshares, Inc. has a 12 month low of $42.02 and a 12 month high of $75.22. The company has a fifty day moving average of $55.70 and a 200 day moving average of $56.73.
Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.28. The company had revenue of $284.63 million for the quarter, compared to analyst estimates of $279.04 million. Prosperity Bancshares had a net margin of 36.72% and a return on equity of 8.25%. During the same quarter last year, the firm earned $1.18 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.25 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Monday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 36.65%.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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