Ramsey Quantitative Systems lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,691 shares of the bank’s stock after selling 424 shares during the quarter. Ramsey Quantitative Systems’ holdings in Prosperity Bancshares were worth $230,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. First Mercantile Trust Co. grew its stake in shares of Prosperity Bancshares by 62.9% during the 4th quarter. First Mercantile Trust Co. now owns 570 shares of the bank’s stock worth $35,000 after purchasing an additional 220 shares during the period. Lavaca Capital LLC purchased a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $104,000. Huntington National Bank boosted its position in shares of Prosperity Bancshares by 17.8% in the 4th quarter. Huntington National Bank now owns 1,728 shares of the bank’s stock worth $108,000 after buying an additional 261 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter worth about $200,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter worth about $222,000. Institutional investors own 83.34% of the company’s stock.
PB has been the topic of several recent research reports. SunTrust Banks boosted their price objective on shares of Prosperity Bancshares to $84.00 and gave the stock a “buy” rating in a research report on Thursday, January 31st. Hovde Group upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a research report on Wednesday, January 2nd. Stephens restated a “hold” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a report on Wednesday, February 13th. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, January 11th. Finally, Barclays lowered shares of Prosperity Bancshares from an “overweight” rating to an “equal weight” rating and set a $71.00 target price on the stock. in a report on Thursday, January 10th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $75.57.
Shares of PB stock traded up $0.44 during trading hours on Wednesday, hitting $73.47. 494,918 shares of the company were exchanged, compared to its average volume of 437,594. The firm has a market cap of $5.11 billion, a P/E ratio of 15.94, a PEG ratio of 1.81 and a beta of 1.37. Prosperity Bancshares, Inc. has a 1 year low of $57.01 and a 1 year high of $78.32.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 30th. The bank reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. Prosperity Bancshares had a net margin of 38.17% and a return on equity of 8.12%. The business had revenue of $186.33 million for the quarter, compared to analyst estimates of $188.17 million. During the same period in the prior year, the firm posted $0.99 EPS. The company’s revenue was up .6% on a year-over-year basis. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 4.82 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 35.57%.
In other news, Vice Chairman H E. Timanus, Jr. acquired 5,000 shares of the stock in a transaction on Monday, December 24th. The stock was bought at an average price of $57.65 per share, with a total value of $288,250.00. Following the completion of the transaction, the insider now directly owns 147,447 shares of the company’s stock, valued at $8,500,319.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.05% of the stock is owned by company insiders.
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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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