Capstone Asset Management Co. raised its position in Prosperity Bancshares, Inc. (NYSE:PB) by 10.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,483 shares of the bank’s stock after buying an additional 590 shares during the period. Capstone Asset Management Co.’s holdings in Prosperity Bancshares were worth $416,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its stake in Prosperity Bancshares by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock worth $489,000 after buying an additional 40 shares during the period. Sigma Planning Corp raised its stake in Prosperity Bancshares by 0.9% in the first quarter. Sigma Planning Corp now owns 5,225 shares of the bank’s stock worth $364,000 after buying an additional 47 shares during the period. World Asset Management Inc raised its stake in Prosperity Bancshares by 1.8% in the first quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock worth $297,000 after buying an additional 77 shares during the period. Albert D Mason Inc. raised its stake in Prosperity Bancshares by 0.4% in the first quarter. Albert D Mason Inc. now owns 32,746 shares of the bank’s stock worth $2,283,000 after buying an additional 115 shares during the period. Finally, Bank of Montreal Can raised its stake in Prosperity Bancshares by 0.6% in the first quarter. Bank of Montreal Can now owns 20,877 shares of the bank’s stock worth $1,455,000 after buying an additional 128 shares during the period. Institutional investors own 75.51% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (NYSE PB) traded up 0.78% during midday trading on Friday, hitting $65.63. 364,558 shares of the stock were exchanged. The firm has a market cap of $4.56 billion, a P/E ratio of 16.62 and a beta of 1.33. The firm has a 50 day moving average of $64.59 and a 200 day moving average of $68.33. Prosperity Bancshares, Inc. has a 12-month low of $49.92 and a 12-month high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its earnings results 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 return on equity of 7.49% and a net margin of 35.20%. The firm had revenue of $180.01 million for the quarter, compared to analyst estimates of $187.13 million. During the same period in the previous year, the firm posted $0.98 earnings per share. Equities analysts forecast that Prosperity Bancshares, Inc. will post $3.99 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.07%. Prosperity Bancshares’s payout ratio is currently 34.34%.
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A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. BidaskClub lowered shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a report on Sunday, July 16th. Piper Jaffray Companies reiterated a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a report on Friday, July 14th. Keefe, Bruyette & Woods lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $81.00 to $76.00 in a report on Thursday, April 27th. Finally, ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $71.25.
In related news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 147,800 shares of the company’s stock, valued at $9,510,930. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction 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 sale, the director now directly owns 156,800 shares in the company, valued at $10,207,680. The disclosure for this sale can be found here. Insiders own 4.93% of the company’s stock.
Prosperity Bancshares Company Profile
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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