Cullen Frost Bankers Inc. maintained its stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 87,357 shares of the bank’s stock at the end of the second quarter. Cullen Frost Bankers Inc. owned about 0.13% of Prosperity Bancshares worth $5,612,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of PB. BlackRock Inc. raised its stake in Prosperity Bancshares by 17,208.1% in the first quarter. BlackRock Inc. now owns 7,302,992 shares of the bank’s stock valued at $509,091,000 after buying an additional 7,260,798 shares during the period. Vanguard Group Inc. raised its stake in Prosperity Bancshares by 6.5% in the first quarter. Vanguard Group Inc. now owns 6,056,179 shares of the bank’s stock valued at $422,176,000 after buying an additional 370,991 shares during the period. State Street Corp raised its stake in Prosperity Bancshares by 16.0% in the first quarter. State Street Corp now owns 3,550,676 shares of the bank’s stock valued at $247,517,000 after buying an additional 489,811 shares during the period. FMR LLC raised its stake in Prosperity Bancshares by 43.7% in the first quarter. FMR LLC now owns 1,729,603 shares of the bank’s stock valued at $120,571,000 after buying an additional 526,028 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,686,354 shares of the bank’s stock valued at $117,559,000 after buying an additional 98,712 shares during the period. Institutional investors own 75.31% of the company’s stock.
Prosperity Bancshares, Inc. (PB) traded down 2.343% on Thursday, reaching $61.055. The company had a trading volume of 180,384 shares. The stock has a 50 day moving average price of $64.35 and a 200 day moving average price of $67.70. Prosperity Bancshares, Inc. has a 52-week low of $52.19 and a 52-week high of $77.87. The stock has a market capitalization of $4.24 billion, a PE ratio of 15.457 and a beta of 1.33.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 26th. The bank reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.01. Prosperity Bancshares had a return on equity of 7.49% and a net margin of 35.20%. The business had revenue of $180.01 million for the quarter, compared to analysts’ expectations of $187.13 million. During the same period last year, the business earned $0.98 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post $3.99 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.34 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.36 annualized dividend and a yield of 2.18%. Prosperity Bancshares’s payout ratio is currently 34.34%.
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PB has been the subject of several research reports. Stephens set a $73.00 price objective on Prosperity Bancshares and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Barclays PLC initiated coverage on Prosperity Bancshares in a research note on Thursday, August 3rd. They set an “overweight” rating and a $72.00 price objective for the company. BidaskClub lowered Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 16th. Hovde Group lowered their target price on Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a report on Monday, June 26th. Finally, ValuEngine upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Four equities 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 company presently has an average rating of “Hold” and an average target price of $71.25.
In other Prosperity Bancshares news, Director Robert H. Steelhammer sold 4,000 shares of Prosperity Bancshares 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 sale, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert H. Steelhammer sold 10,000 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 24th. The stock was 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 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 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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