LMR Partners LLP purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 98,208 shares of the bank’s stock, valued at approximately $6,309,000. LMR Partners LLP owned approximately 0.14% of Prosperity Bancshares as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the company. Huntington National Bank raised its stake in Prosperity Bancshares by 9.2% in the second quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after buying an additional 143 shares during the period. Quantbot Technologies LP purchased a new stake in Prosperity Bancshares during the first quarter valued at about $154,000. PNC Financial Services Group Inc. raised its stake in Prosperity Bancshares by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock valued at $156,000 after buying an additional 269 shares during the period. Parametrica Management Ltd purchased a new stake in Prosperity Bancshares during the first quarter valued at about $207,000. Finally, Engineers Gate Manager LP purchased a new stake in Prosperity Bancshares during the first quarter valued at about $244,000. 75.31% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares, Inc. (NYSE PB) opened at 62.07 on Monday. Prosperity Bancshares, Inc. has a 12-month low of $51.30 and a 12-month high of $77.87. The firm has a 50 day moving average of $64.32 and a 200 day moving average of $68.01. The firm has a market capitalization of $4.31 billion, a P/E ratio of 15.71 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.01. The business had revenue of $180.01 million for the quarter, compared to the consensus estimate of $187.13 million. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. During the same quarter in the previous year, the firm earned $0.98 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post $3.99 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s payout ratio is 34.34%.
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Several research firms have issued reports on PB. UBS AG lowered shares of Prosperity Bancshares to an “underperform” rating in a research report on Thursday. Barclays PLC began coverage on shares of Prosperity Bancshares in a research report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $73.00 price target on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research report on Thursday. Finally, Stephens set a $73.00 price target on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $71.25.
In other news, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the sale, the director now directly owns 147,800 shares in the company, valued at approximately $9,510,930. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $65.10, for a total value of $651,000.00. Following the sale, the director now 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.
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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