Atria Investments LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,161 shares of the bank’s stock, valued at approximately $386,000.
Other large investors have also made changes to their positions in the company. Swiss National Bank grew its stake in Prosperity Bancshares by 3.1% in the 1st quarter. Swiss National Bank now owns 120,950 shares of the bank’s stock valued at $8,353,000 after purchasing an additional 3,600 shares during the period. Capital Advisors Inc. OK grew its stake in Prosperity Bancshares by 129.0% in the 2nd quarter. Capital Advisors Inc. OK now owns 15,571 shares of the bank’s stock valued at $1,028,000 after purchasing an additional 8,771 shares during the period. Pearl River Capital LLC bought a new position in Prosperity Bancshares in the 2nd quarter valued at $40,000. Charles Schwab Investment Management Inc. grew its stake in Prosperity Bancshares by 1.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 504,492 shares of the bank’s stock valued at $33,322,000 after purchasing an additional 8,185 shares during the period. Finally, Diversified Trust Co grew its stake in Prosperity Bancshares by 20.7% in the 2nd quarter. Diversified Trust Co now owns 7,190 shares of the bank’s stock valued at $475,000 after purchasing an additional 1,235 shares during the period. Hedge funds and other institutional investors own 84.25% of the company’s stock.
PB has been the subject of several research reports. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price target for the company. in a research note on Thursday, October 3rd. SunTrust Banks cut their price target on Prosperity Bancshares from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Stephens set a $74.00 price target on Prosperity Bancshares and gave the stock a “hold” rating in a research note on Monday, June 17th. Raymond James upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 price target for the company in a research note on Tuesday, June 18th. Finally, Morgan Stanley cut their price target on Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $72.24.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.18 earnings per share for the quarter, hitting the consensus estimate of $1.18. The company had revenue of $184.80 million during the quarter, compared to the consensus estimate of $186.94 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.27%. During the same quarter in the prior year, the company earned $1.17 EPS. On average, analysts predict that Prosperity Bancshares, Inc. will post 4.73 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 16th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.64 dividend on an annualized basis and a yield of 2.34%. Prosperity Bancshares’s dividend payout ratio (DPR) is 35.57%.
In related news, Vice Chairman H E. Timanus, Jr. acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average price of $64.39 per share, with a total value of $643,900.00. Following the acquisition, the insider now owns 148,837 shares of the company’s stock, valued at approximately $9,583,614.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert J. Dowdell sold 7,600 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $65.45, for a total value of $497,420.00. The disclosure for this sale can be found here. Corporate insiders own 4.86% of the company’s stock.
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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