Prudential Financial Inc. lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 4.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,572 shares of the bank’s stock after selling 2,020 shares during the period. Prudential Financial Inc. owned approximately 0.06% of Prosperity Bancshares worth $2,952,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. TD Asset Management Inc. raised its position in shares of Prosperity Bancshares by 4.5% in the 2nd quarter. TD Asset Management Inc. now owns 25,100 shares of the bank’s stock worth $1,716,000 after acquiring an additional 1,080 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Prosperity Bancshares by 13.3% in the 2nd quarter. Victory Capital Management Inc. now owns 37,832 shares of the bank’s stock worth $2,586,000 after acquiring an additional 4,453 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth approximately $1,289,000. State Board of Administration of Florida Retirement System raised its position in shares of Prosperity Bancshares by 59.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 43,862 shares of the bank’s stock worth $2,998,000 after acquiring an additional 16,390 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Prosperity Bancshares by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 843,053 shares of the bank’s stock worth $57,631,000 after acquiring an additional 26,835 shares in the last quarter. 81.31% of the stock is currently owned by institutional investors and hedge funds.
Prosperity Bancshares stock opened at $62.53 on Friday. The company has a market capitalization of $4.37 billion, a P/E ratio of 14.18, a P/E/G ratio of 1.60 and a beta of 1.33. Prosperity Bancshares, Inc. has a twelve month low of $60.15 and a twelve month high of $79.20.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Saturday, December 15th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.64 annualized dividend and a dividend yield of 2.62%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.36. Prosperity Bancshares’s dividend payout ratio is presently 41.62%.
In related news, Director Robert H. Steelhammer sold 2,180 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $65.44, for a total value of $142,659.20. Following the sale, the director now owns 133,055 shares in the company, valued at approximately $8,707,119.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert H. Steelhammer sold 3,615 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $62.97, for a total value of $227,636.55. Following the completion of the sale, the director now owns 135,235 shares in the company, valued at approximately $8,515,747.95. The disclosure for this sale can be found here. Corporate insiders own 5.05% of the company’s stock.
Several brokerages have recently issued reports on PB. Stephens set a $70.00 target price on Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, October 24th. SunTrust Banks decreased their target price on Prosperity Bancshares to $68.00 and set a “buy” rating for the company in a research report on Thursday, October 25th. They noted that the move was a valuation call. Zacks Investment Research lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Morgan Stanley decreased their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Finally, Robert W. Baird raised Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research report on Thursday, October 25th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $73.60.
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Prosperity Bancshares 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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